Removing Shared Benefits on a Long-Term-Care Policy

Couples who have policies that let them share a pool of benefits can maintain their long-term-care coverage if they eliminate that shared-benefit feature.

I’m about to get divorced. A few years ago I purchased a long-term-care policy with a rider that lets me share the benefit period with my husband. Is there any way to detach my coverage from his without losing it altogether? If so, what will happen to my rates?

The rules vary by company, but some of the largest insurers make it easy to drop the rider and continue your separate policies -- and your rates may even decrease.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Kimberly Lankford
Contributing Editor, Kiplinger's Personal Finance

As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.