Survivor Benefits
What Does 'Survivor Benefits' Mean?
This is a rider which can be purchased by a couple. If both spouses who own a Long-Term Care policy upon the death of one spouse, convert the policy of the surviving spouse to paid-up status. That is, the surviving spouse needs to pay no further premiums. This usually requires a higher premium for this option.
More Information
A survivor benefit is a Long-Term Care Insurance rider for couples. This rider allows a surviving spouse to stop paying premiums if their partner passes away.
For a survivor benefit to work, both spouses must have Long-Term Care Insurance with the survivor rider.
If one of the spouses passes away, the surviving spouse would be able to convert their policy to paid-up status. Paid-up status means the surviving spouse would no longer need to pay premiums.
Policies with survivor benefits usually have higher premiums while premiums are still required.