Long-Term Care Insurance: What is the "Survivorship Benefit?"

If you are a couple in your 50's or early 60's and are considering LTC insurance, be sure to inquire about a "Survivorship Benefit." Some insurance carriers automatically include this benefit, while others offer it as a "rider" or extra benefit for additional premium. 

The Survivorship Benefit states that if a couple have coverage with the same company and one of them passes away after the policies have been in force for a certain number of years with no claims paid on either policy, the surviving insured's policy will be "paid up" - no further premium payments would be due.

The typical number of years that both policies must be in force and claim-free in order to benefit from this rider is 10. 

This benefit is especially a good value if one insured is significantly older than the other.

If you would like to learn more, email me at allen@superiorltc.com.