Which of the following statements about an individual long-term care insurance policy is true?

The correct answer is that individual long-term care insurance policies must be guaranteed renewable or noncancelable. This feature is significant because it ensures that the policyholder has the right to continue their insurance coverage and that the insurer cannot cancel or refuse to renew the policy as long as the premiums are paid on time. This helps protect consumers from unexpected changes in policy status that could occur as they age or if their health status changes, providing peace of mind and financial security.

In terms of the other choices, while some long-term care policies may choose to cover various types of care, including home health services, it is not universally true that home health care is excluded, which means the statement about coverage is misleading. Furthermore, long-term care insurance is not limited solely to individuals over 65; it can be purchased by younger individuals, particularly those who want to secure coverage before they reach an age where health issues might complicate obtaining a policy. Lastly, while many long-term care policies often include nursing home benefits, it is not guaranteed that every policy automatically does so, as benefits can vary based on the specific terms and conditions outlined in the policy.