Long-Term Care Insurance Riders: Survivor Waiver of Premium

Posted in Life Insurance

September 4th, 2009

In order to prepare for a day when they need help with day to day living, many people get long-term care insurance. This insurance will help cover the staggering costs of a home health care worker or other kind of helper or caregiver. When you buy long-term care insurance, you can opt to buy one or many of the supplements to your insurance that enhance its benefits. One of these is the survivor waiver of premium.

Benefits of a Survivor of Waiver Premium

When you add on a rider to your long-term care insurance, such as survivor waiver of premium, you are paying a little bit extra every month in order to make sure that your time of need will be an easier one. In the case of survivor waiver of premium, you’re looking out for the beneficiaries of your long-term care insurance in a special way. Here’s how it works.Two people, either married or domestic partners, buy long-term care insurance. Neither one has to use it for the first ten years of the policy’s life. Should one spouse or partner die, and one or the other – it doesn’t have to be both – has purchased the survivor waiver of premium rider, the surviving spouse or partner will never have to pay a premium again.

To learn more about long-term insurance, long-term insurance riders and the survivor waiver of premium rider specifically, be sure to speak to an insurance agent who specializes in long-term care insurance. Also, be sure to check out our free life insurance rates to make sure your family is covered in a worst case scenario.