A mixture of life insurance and long-term care coverage that permits life insurance to produce long-term care benefits. This practice reduces the value of the life insurance policy, because the funds used for medical expenses are deducted from the life insurance policy’s death benefit.
Tag: RAW
Living trust
See: inter vivo trust .
Living trust (Estate)
Sometimes called an inter vivos trust. A trust created by a living person.
Living will
Legal document that states the wishes of an individual concerning life support or other medical treatment in certain circumstances, usually when death is imminent or if the person is unconscious and unable to make a decision. Also known as a medical directive, advance directive , or health care advance directive .