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LTC Insurance Blog
Simplifying the process of understanding Long Term Care, and helping you decide if Long Term Care insurance is right for you.
Applying for Long Term Care Insurance with Your Spouse
Are you looking for a fun date night activity for you and your spouse; how about shopping for Long Term Care insurance? Admittedly, that doesn’t sound like as much fun as dinner and a movie, but it could be an important step to securing your financial future.
Many Long Term Care Insurance companies now offer a variety of benefits and added riders which make it worth your while to apply with your spouse. Most companies offer spousal discounts between 10% and 50% depending on whether one or both spouses are applying. They have also added some very attractive optional benefits for spouses.
- Survivorship Benefit for Married Couples – If both spouses have a policy with the same insurance company and have paid premiums for a minimum of 10 years, the company will issue a paid-up policy for the surviving spouse of the deceased insured.
- Shared Benefit Maximum – If both spouses are insured and one spouse uses all of his or her Long Term Care benefit, the spouse needing care can continue to receive benefits by using some of the healthy spouse’s benefits.
- Waiver of Premium for Married Couples – If one spouse goes into claim, the healthy spouse does not have to pay the premium for his or her policy for as long as their spouse stays in claim.
Not all companies offer these benefits and there is usually an additional cost associated with choosing these benefits when designing your policy. Is it is a great idea to speak with and Long Term Care Specialist to ensure you are selecting the right policy and benefits for your situation. If you would like more information about Long Term Care insurance and spousal discounts and benefits, or if you would like to receive a free, no obligation quote, please give us a call at 1-800-432-0091 or fill out our online form. So go ahead and enjoy your date night and leave the hard work to us.