Long Term Care: Senior Care Benefit Plan

Did you know a life insurance policy can pay for senior care expenses? A Senior Care Life Settlement converts life insurance into monthly, tax-free payments covering any form of Senior Care!

Instead of lapsing or surrendering life insurance- a policy can be converted into an irrevocable Benefit Account that makes monthly, tax-free 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 aren’t any premium payments. All types of life insurance with a net death benefit of $50,000 or greater can be converted.

A Senior Care Life Settlement is flexible and can be adjusted to meet changes in Senior Care needs; it provides a tax-free funeral expense benefit (if desired), 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.

Case Studies And Stats

Example #1
Gender / Age Male / 77
Policy Size $100,000
Policy Conversion $45,000
Monthly Benefit $4,500
Benefit Duration 9 months
Funeral Benefit $5,000
Example #2
Gender / Age Female / 74
Policy Size $50,000
Policy Conversion $21,700
Monthly Benefit $800
Benefit Duration 24 months
Funeral Benefit $2,500
Example #3
Gender / Age Female / 76
Policy Size $376,000
Policy Conversion $105,000
Monthly Benefit $5,000
Benefit Duration 20 months
Funeral Benefit $5,000

Frequently Asked Questions

Q: Is the Senior Care Life Settlement an insurance policy?
A: No, it’s a Benefit Plan administered by a third party on behalf of the insured and family with the tax-free payments sent every month directly to the provider of long term care services.

Q: Are there any fees charged or premium payments?
A: No, there are no fees or obligations to apply and no more premium payments due on the policy after conversion.

Q: Are funeral expenses covered?
A: Yes, a tax-free funeral benefit is paid to the family, in the amount of their choosing at the time of establishing the benefit account.

Q: What type of life insurance policies qualify?
A: Most forms of in-force life insurance qualify including Term, Universal, Whole and Group.

Q: What type of care will the Benefit cover?
A: All types of long term care are covered including home care, independent living, assisted living, memory care, nursing homes, and hospice care.

Q: Is the policy sold?
A: Yes, as part of the Benefit Plan enrollment the policy owner will complete a life settlement working directly with a licensed Provider.

Did You Know?

2018 National Average Costs Senior Care

  • Nursing Home: $8,365/mo = $100,375
  • Assisted Living: $4,000/mo = $48,000
  • Home Care: $4,195/mo = $50,336 *

* Based on 44hrs per week for 52 weeks at $22/hr.

Source: Genworth Cost of Care Survey 2018