Long-Term Care Insurance Riders: Joint Waiver of Premium
To many people, the idea of being old and without the means to properly care for yourself is very distressing and anxiety-provoking. To be infirm, dependent on walkers and possibly in need of help maintaining your basic, private hygiene is a very uncomfortable thought. Add to it the idea that you don’t have the cash to pay for the support you need, and now you can easily see yourself as a burden to the rest of your family. And if you don’t have any family, then that raises the question of what your options will truly be. To prevent such a distressing scenario from ever materializing, many people buy long-term care insurance. They will also add all kinds of supplemental care to it, in the form of specific riders. You’ll be paying extra for these riders, but to say they’ll come in handy if and when you need them is an understatement. One such long-term care insurance rider is the joint waiver of premium.
Benefits of a Joint Waiver of Premium
When you purchase the joint waiver of premium rider, you’re adding on to the benefits offered by your long-term care insurance. Let’s say that you and your spouse or partner both have long-term care insurance policies. If one of you (and it only has to be one, not both) has purchased the joint waiver of premium rider, then if one of you see his or her premiums waived due to eligibility under his or her policy, then the other spouse or partner will see their premiums waived also. It basically translates into no more monthly long-term care insurance premiums for either one of you. That could save a lot of money to be spent on more care or whatever else you need.
To learn more about long-term care insurance, the joint waiver of premium rider, and other aspects of long-term care insurance, be sure to speak to an insurance industry professional who has a lot of experience with long-term care insurance.
If you are looking for more information on life insurance, be sure to fill out our form for free rate quotes from leading insurers. The process is secure and absolutely free!