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.