Income by Result Chart
You can find the waiver of premium reflected in the "Income by Result" chart. The "Income by Result" chart can be found on the Income InSight homepage. Click the $ in the upper right corner of the chart to see the details.
In this example, assume the client’s birthday is in February, they have a long-term care (LTC) policy with a monthly premium of $2,000 ($24,000/year) and a 90-day elimination period. Within Income InSight, when a LTC stress test is applied, additional assumptions are made. Income InSight modeling assumes $4,000 per month in LTC expenses, inflated at 5% per year, for 48 months prior to passing at the life expectancy in the model.
Here, the client turns 76 in 2052. Therefore, $2,000/month was paid in premiums for the months between January and April, for a total of $8,000. This reflects the payment of premium prior to 76 and during the 90-day elimination period. The waiver of premium impact is after LTC benefits started paying in May.