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What To Look For When Purchasing A Long Term Care Insurance Policy

For Married Couples And Domestic Partners: Shared Care, Survivorship Benefit

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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

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