What is “Return of Premium” in a Long-Term Care Insurance Policy? Return of Premium = A feature in some long-term care policies where the premium is returned to your heirs upon death. There are many different types of “return of premium” benefits. Submit a Comment Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ