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long-term care insurance contract

    25a long-term insurance contract:

      1. (a) which provides, would provide at the policyholder's option, or is sold or held out as providing, benefits that are payable or provided if the policyholder's health deteriorates to the extent that he cannot live independently without assistance and that is not expected to change; and
      1. (b) under which the benefits are capable of being paid for periodically for all or part of the period that the policyholder cannot live without assistance;

    where 'benefits' are services, accommodation or goods necessary or desirable for the continuing care of the policyholder because he cannot live independently without assistance.