With a traditional policy, you elect your benefits at the outset: monthly benefit, benefit period, inflation protection and waiting period. You are able to design the policy to account not only for your current needs but also to account for future inflation. Premiums are typically paid on a monthly, quarterly, semi-annual or annual basis. This “pay-as-you-go” approach keeps the premium affordable and attainable. As long as you pay your premium, you will have coverage in-force. Your premium may be subject to a rate increase so it is important to understand the financial rating and rate history of the company you select for your traditional long term care policy.