Life Insurance Solutions

Learn More About Life Insurance Solutions

Did you know that some life insurance policies can be used to provide “living benefits”? In most cases, the company will likely buy back the policy for 50-75% of its face value based on the policyholder’s monthly premiums, age, and health. A “living benefits” policy is typically available for whole life or universal life insurance, however, many policies will not provide “accelerated” or “living” benefits to policyholders unless they are terminally ill, while others are more flexible.

If you or your loved one’s insurance policy doesn’t offer living benefits, you still have options. An individual can sell their policy to a third-party company in exchange for a “life settlement” or “senior settlement,” which usually consists of 50-75% of the policy’s value. After the policy is purchased, the third-party company is responsible for paying the monthly premiums, and following the death of the original policyholder, that company receives the full value of the policy.

There is also the possibility of converting life insurance benefits directly into long-term care payments using the “life assurance” benefit or the “life insurance conversion program.”. Conversion of life insurance policies usually pays less than a life settlement – between 15 and 50 percent of the policy value – but is appropriate for policies of lesser value that may not qualify for a life settlement.  When looking into options available to you when you have a life insurance policy, it is always in your best interest to work with someone who understands the language of various policies. Your Senior Living Financial Specialist team is here to help, free of charge.

Do you need guidance on ways to pay for your senior living community?

We help you understand your options and ways to maximize  resources available to you!​

OPTIONS FOR FUNDING YOUR LONG TERM CARE

SHORT TERM BRIDGE LOAN

A short term Bridge Loan is a loan that will allow for you to pay for care now until permanent funding is arranged.

VETERAN'S BENEFITS

Veterans have benefits available to assist in paying for senior living with potential maximum monthly awards ranging from $1,244 to $2,295.

REAL ESTATE

You can use the proceeds from the sale of your home by listing your home with a senior-focused Realtor®

LONG TERM CARE INSURANCE

If you purchased long term health care insurance we can help you review your policy to determine if it will pay for your community.

TAX
DEDUCTIONS

Learn about the tax deductions available to you and your family when paying for care in a community.

LIFE INSURANCE CASH VALUE

If you have a life insurance policy, you may be able to transform that policy into a pre-funded financial account that will disburse a monthly benefit stipend to help you pay for long term care needs.

MOVE MANAGEMENT

Free up time and alleviate yourself from the overwhelming process of moving. Senior moving specialists are available to help with as much or as little of the work as you’d like!

Schedule a Time to Talk to a Senior Living Specialist NOW