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Writer's pictureTRC Financial

Secure Your Future Together - The One Life Insurance Policy That Covers Long-Term Care for Couples

When planning for the future, many couples seek a comprehensive solution that provides both financial protection and long-term care coverage. According to the U.S. Department of Health and Human Services, 70% of people aged 65 or older will require some form of long-term care during their lives. With such high odds, it’s important to ensure you and your spouse are financially prepared. Our firm offers a Survivorship life insurance policy (insures two people) that provides both life insurance and long-term care coverage under one convenient policy.


Survivorship Life Insurance with Long-Term Care

This unique life insurance policy covers two people — typically a married couple — while offering the added benefit of Long-Term Care protection. Not only does it provide clarity by covering long-term care expenses, but it also helps preserve your legacy by ensuring financial security for your loved ones after you’re gone.


You no longer have to pay for two separate long-term care policies or worry about paying premiums without the guarantee of benefiting if you never need it for long-term care expenses.

Key Benefits of One Life Insurance Policy That Covers Long-Term Care for Couples


  1. Long-Term Care Rider on Survivorship Our firm designs the survivorship life insurance policy to include a Long-Term Care (LTC) Rider, which can be a game-changer for couples. With this rider, you can access funds to cover long-term care expenses for both partners, without needing to submit monthly receipts. It offers flexibility to use the funds as needed, even for home care provided by family members. It accelerates a portion of the death benefit to cover qualifying LTC needs, providing financial clarity as you age. Given the statistics, it’s reassuring to have this backup, knowing that women typically need long-term care for an average of 3.7 years, and men for 2.2 years, according to data from Genworth's Cost of Care Survey.

  2. Cost-Efficiency Instead of purchasing two separate life insurance or long-term care policies, this survivorship policy allows you to cover both individuals at a lower premium, making it more affordable while still providing comprehensive coverage. It’s particularly useful when one spouse may have health issues that could make it difficult to get individual coverage.

  3. Protection of Legacy The policy is designed to pay out a death benefit, less paid long-term care expenses, upon the passing of the second insured. This benefit can be used to protect your estate, ensuring wealth is passed on efficiently to your beneficiaries. It helps you manage estate taxes and other end-of-life costs. You no longer have to worry about premiums being wasted on long-term care expenses if you never need long-term care or if you only use a portion of the long-term care benefits compared to total premiums paid.

  4. Access to Policy Value In addition to long-term care coverage, the policy also provides access to its accumulated value through tax-advantaged loans or withdrawals. This can be useful for unexpected expenses, supplementing income, or even funding education for grandchildren.

  5. No Market Exposure With an indexed policy interest rate, your policy cash value isn’t directly tied to the stock market, providing a balance of safety with potential for growth. The policy guarantees a minimum interest rate, even during market downturns.


One Life Insurance Policy with Long-Term Benefits


Example of a $1,000,000 survivorship life insurance policy that pays $500,000 per insured in tax-free long-term care benefits, if needed. The monthly benefit equals $10,000 per month tax-free for a total of 50 months in benefits per insured. The $1,000,000 death benefit less cumulative long-term care benefits paid is still received by the beneficiary(ies).


Survivorship Life Insurance with Long-Term Care

With this policy, you're not only securing life insurance for both you and your spouse but also building in long-term care protection and tax-advantaged financial flexibility. As life unfolds and your needs change, this policy can help you adjust and plan confidently for the future.


For more information on how this survivorship life insurance policy can meet your family’s long-term needs, schedule a time to talk with us.



This material and the opinions voiced are for general information only and are not intended to provide specific advice or recommendations for any individual or entity. The tax and legal references attached herein are designed to provide accurate and authoritative information with regard to the subject matter covered and are provided with the understanding that neither TRC Financial, nor M Financial are engaged in rendering tax, legal, or actuarial services. If tax, legal, or actuarial advice is required, you should consult your accountant, attorney, or actuary. Neither TRC Financial, nor M Financial should replace those advisors. # 7186371.1

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