…a one min read and a 2:42 min video
You read correctly!
You can turn your existing Life Insurance policy into a dedicated Long Term Care Benefit account to help you fund your senior care or that of a parent or loved one, it will pay for Home care, Assisted Living, Nursing Home and Hospice Care.
In less than 5 minutes from now you’ll know how to do this!
But first let’s define what a Long Term Care Benefit Plan is:
A Long Term Care Benefit Plan is the conversion of an in-force Life Insurance policy into a pre-funded, FDIC insured irrevocable benefit account that is professionally administered with tax free payments made monthly on behalf of the individual receiving senior care.
In simpler terms, it’s a life insurance policy converted into a Long Term Care Benefit Plan.
Its genius lies in its simplicity and specificity of the problem it solves!
Here’s what you need to know about the Long Term Care Benefit Plan option:
- Most categories of life insurance qualify including universal, term and group policies.
- Pays for all types of senior care including Assisted Living, Home Care, Skilled Nursing and Hospice.
- Approval takes 30/45 days, and there is no obligation or cost to the insured.
- Tax free transaction in most cases.
- Any funds remaining in the account at the time of the insured’s passing will accrue to one or more beneficiary named by insured.
I can’t tell you how many families are unaware this very viable senior care option even exists!
We’ve talked about on this blog before and I’ve mentioned it on our Eldercare Care Issues Radio Show on Tuesdays …When it comes to funding your Senior Care needs or that of a parent or loved one you need to know EVERY OPTION available to you.
So here’s a quick video that will help you better understand how a Long Term Care Benefit Plan works:
Easy to understand right?
If you have an in-force policy and your senior care needs are HERE NOW it’s very possible this option could be for you…
Regardless, I know you may have a few questions.
If so please give us a call and we’ll schedule a time to speak and share more information on the topic.
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