What type of insurance product targets individuals with chronic illnesses requiring long-term care?

Long-term care insurance is specifically designed to cover services that assist individuals with chronic illnesses or disabilities that prevent them from performing daily activities independently. This type of insurance recognizes the need for extended care, which is often not covered by traditional health insurance or Medicare.

Individuals requiring long-term care may need assistance with basic activities such as bathing, dressing, or eating, which can persist for months or even years. Long-term care insurance provides the financial support necessary to access various services, including in-home care, assisted living facilities, or nursing homes, making it a critical product for those facing ongoing health challenges.

In contrast, life insurance primarily pays a death benefit upon the policyholder's passing, and health insurance focuses on covering medical expenses incurred during treatment. Disability insurance provides income replacement for individuals who are unable to work due to a disability but does not specifically address long-term care needs. Therefore, the choice of long-term care insurance is most appropriate for individuals with chronic illnesses requiring extended support.