Long Term Care Benefit Plans

Long Term Care Benefit Plans 2014-02-14T14:06:37+00:00

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