Spouses share a lot of things – house, cars, kids, bank accounts. Why not long-term care insurance? Yes, spouses can choose a long-term care policy with SHARED coverage, giving them a pool of benefits they can split.
One of the unknowns with long-term care is predicting how long you will need benefits. While the average need for care is about three years, your clients could die before needing care. Or just the opposite, they could have a long-lasting condition, such as Alzheimer’s, and need care for much longer.
Sharing benefits is a great way to hedge bets when deciding on a benefit period. It may make a couple more comfortable with purchasing a shorter duration and can save them quite a bit of money.
On the other hand, a lifetime benefit pool covers both short and long-term risks and ensures both spouses are covered no matter the timeframe of coverage needed. Of course, this is a bit pricier. Your clients will have to consider the risks they’re willing to take – together.
For more information on sharing benefits, JUST ASK. Use my calendar link to schedule a time that’s convenient for us to talk.
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