Content Overview
- Summary
- Amount Of Coverage
- The Insurance Company's Financial Status And Claims Reputation/Service
- Amount Of The Premium
- Payment Options
- Whether The Policy Is Tax Qualified
- The Range Of Services Which Are Covered
- Where Services Can Be Provided
- Length Of Time Benefits Are Payable
- Waiver Of Premiums
- The Trigger For Qualifying For A Benefit
- The Waiting (Elimination) Period
- Renewability Provisions
- Inflation Adjustments
- Guranteed Purchase Option
- Notice Of Late Payment
- Non-Forfeiture Provisions
- For Married Couples And Domestic Partners: Shared Care, Survivorship Benefit
What To Look For When Purchasing A Long Term Care Insurance Policy
For Married Couples And Domestic Partners: Shared Care, Survivorship Benefit
« Previous18/18
Shared Care
A "Shared Care" policy provides a pool of coverage for two spouses instead of obtaining a separate policy for each person. Married couples may be better off purchasing a "shared care" policy instead of two separate policies.
Here's how a Shared Care policy works. Let's say you purchase a pool of coverage for 7 years. If one spouse needs care for 2 years, it leaves 5 years coverage for the other person. It can be said to potentially double the amount of protection for each individual.
Generally, Shared Care policies cost about 10% more than buying two separate policies with the same total years of payouts. However, the policy provides for both spouses -- with a lot of care if one needs it.
Survivorship Benefit
A Survivorship Benefit states that if two spouses or domestic partners have a Long Term Care Insurance policy for a long enough period of time (such as 7 or 10 years), and one of the insureds dies, the other insured has a paid up policy for the rest of his or her life. No further premium payments are required. This is the case even if there have been claims made on one of the policies. The Survivorship Rider has to be in both policies.
Reviewed by:
David Flecker, CLU, ChFC
Executive Vice President
DeWitt Stern Group, Inc.
New York, NY
Please share how this information is useful to you. 0 Comments
Post a Comment Have something to add to this topic? Contact Us.