Paying For Care

We know that paying for assisted living, nursing home or private care at home can be out of reach for many seniors and their families.  Rising healthcare costs sometimes makes it challenging to reside in the setting that your loved one would chose.

Too many families find themselves supplementing the cost for their loved ones’ care every month.  These costs can sometimes be very difficult for a family to afford, especially if they also have a family of their own to support. More importantly, no senior wants to be a financial burden on their children.

There are alternative payment options that few     seniors and their families know about that can not only pay for quality healthcare, but can help maintain the lifestyle for the healthy spouse.  One of these    options are called a Life Settlement.

Life insurance policies are an asset

Many seniors and their families never realize that their life insurance policy is an asset and, as with any other asset, they may keep it, sell it, or dispose of it in any way they see fit. Most seniors  also do not realize that their policy may be worth more than they think. The surrender value dictated by the insurance  carrier is not necessarily the fair market value of the policy and in the case of term life insurance the  perceived value is 0.

These values are what the carrier will offer for the policy; not what the fair market value of the policy may be. Many seniors know the value of their largest financial holdings such as their house, stocks, bonds, and other investments, but rarely if ever, do they know the fair market value of their life insurance policies.

Many times in the Medicaid or A.L.T.C.S. planning, seniors have to sell or surrender their life insurance policies.  An industry study conducted in 2002 at the University of Pennsylvania’s Wharton Business School found that $1.3 Trillion of Life Insurance was lapsed or surrendered. The same study showed that life insurance policies sold in the secondary market for an average of 3.6 times the policy’s (cash) surrender value.  We can help families get more than cash value or surrender value for this hidden asset.

There are some qualifications that need to be met  before a Life Settlement can be offered.  It is a very simple process and many times can be arranged in 6 to 8 weeks. 

Your loved one’s life insurance policy is an asset that can and should be used when finances dictate the need or desire. 

Call us for a free non-obligation analysis of your situation, because some seniors would rather stay at home, others may need to be out-of-the home, but  being able to afford what’s best for your loved one offers financial peace of mind.

 

480-556-1045

 

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