A premium payment option some Long-Term Care policies offer in which the person pays premiums for a set time period. The options are generally 10 years, 15 years, 20 years, or to age 65. The policyholder will pay a higher premium in order to enjoy the shorter payment period. Otherwise, the policyholder pays premium every year for the rest of their life, however, most policies offer a “waiver of premium” when the policyholder is receiving benefits from the policy.