Which of the following is a common feature of long-term care insurance policies?

Time-limited benefit periods are indeed a common feature of long-term care insurance policies. These policies typically specify a certain duration during which benefits will be paid, which can vary widely depending on the policy design and the insured's needs. This feature is essential because it helps manage the insurer's risk and allows policyholders to choose coverage that aligns with their anticipated long-term care needs. Options may include benefits for a few years or even several years, but they will not provide coverage for an unlimited duration.

The focus on a specific time frame helps policyholders plan for their future care while also providing a more affordable premium structure than unlimited coverage would entail. The presence of time-limited benefits encourages individuals to think critically about their potential healthcare needs and to engage in planning for those needs well in advance.

Other common features, such as automatic annual increases or low premium rates, may vary and are not universally applied across all long-term care policies. Automatic annual increases may be included but are not a standard feature. Similarly, premium rates for long-term care insurance often reflect the coverage limits, age, health status, and other underwriting factors, making low premium rates less typical, especially for comprehensive coverage.