A policy with a 5 year benefit period means that the soonest the policy could “run out of benefits” is after you’ve received benefits for 5 years. However, it can last longer than that. Most policies will pay benefits until your “lifetime maximum” has been reached.
The “lifetime maximum” is a dollar amount that is equal to your
Monthly Benefit times 12 times the number of years you choose for your Benefit Period.
For example, if you choose a Monthly Benefit of $7,000 and your Benefit Period is 5 years, your “lifetime maximum” would be $420,000. ($7,000 x 12 x 5 = $420,000)
In this example, if your care cost $5,000 per month your policy would pay benefits for 7 years before it would run out of benefits! ($420,000 divided by $5,000 = 84 months = 7 years)