Life Settlements for ALFs and Nursing Homes

 

Getting the care you want can come at price - sometimes clients don't realize that some assets they already have might be a good resource to pay for services.

 

A life insurance policy can pay for senior care expenses through a Long Term Care Benefit Plan.

 

Instead of lapsing or surrendering life insurance – a policy can be converted into an Irrevocable Benefit Account that makes monthly payments on behalf of the individual receiving Senior Care. There are no wait periods; no care restrictions; no costs or obligations to apply; it is not a loan; and there is no need for premium payments.

 

A Long Term Care Benefit is flexible and can be adjusted to meet changes in Senior Care needs; it provides a funeral expense benefit; and any remaining account balance is paid to the family. After years of premium payments, many policy owners will allow a policy to lapse or surrender it for any remaining cash value. This is a big mistake when the same policy could be used to pay for the costs of Senior Care.