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.
Learn More: Long Term Care Benefit Plan Examples and FAQs
Fill out our free policy calculator today to see if you qualify and find out how much you can get for your policy.