It can never be cancelled for any reason other than nonpayment. However, premiums may be changed on a class basis, but only with the approval of the state insurance department. Usually a percentage of the premium is discounted for both policies when a husband and wife purchase coverage. However, not all policies fall within this average. Since underwriting is involved, the healthier a person is, the less the cost will be.
Premiums vary based on the options selected and the amount purchased.
Although contract provisions and premium costs vary by state, the differences tend to be minor in most cases. Some may require contract mandates either in language or benefits, but, overall, the states are more similar than dissimilar in their approach to LTC insurance products. While we've looked at many of the bells and whistles featured in LTC insurance the number one consideration should be the financial strength and health of the company providing coverage and its ability to provide benefits and services years from now. No matter what type of insurance, a policy is only as good as the company behind it. Over time, this offers by far the strongest degree of protection.