Did You Know… A Life Insurance Policy Can Be Converted To Pay For Senior Care Expenses FAQ
For millions of seniors with a life insurance policy they now have an option available to convert a portion of the death benefit to help cover the cost of long-term care.
Not to be confused with long-term care insurance, an annuity, or a policy loan; the Long-Term Care Benefit is unique because there are no wait periods to qualify, no limitations, no costs to apply, and no premium payments. Instead of lapsing or surrendering a life insurance policy, the death benefit is converted into a “living benefit” in the form of an irrevocable, FIDC insured account that makes monthly payments automatically to the account holder’s choice of care provider. Sometimes compared to a reverse mortgage for a life insurance policy; the account is tax advantaged and a Medicaid qualified spend-down.
The Long-Term Care Benefit is flexible and can be adjusted to meet changes in long-term 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 long term care.
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