It's not a surprise that thousands of families across the nation are facing
the challlenges of an aging population. The "sandwich" generation, those who are
caring for their children as well as their parents, have been feeling the
financial pinch of caring for loved ones.
Paying the high cost of Elder Care can cost a family thousands of dollars a
month. Too many families are unaware of how utilizing a loved one's life
insurance policy can not only pay for Assisted Living and Nursing Home care, but
can maintain the standards of living for the remaining spouse.
Not too many financial specialist inform their clients who have purchased
life insurance policies with a death benefit over $250,000 that they can utilize
a somewhat unknown option on their life insurance to pay for the high cost of
Elder Care. It is called a Life Settlement and it can fully take the financial
burden off of families who struggle to keep their loved one in a quality
facility.
A policy owner has the right to sell his or her life insurance policy to an
institution for signifantly more than the cash value of the policy. For example,
a life insurance policy with a $500,000 death benefit and a $75,000 cash value
can be purchased for $250,000 and up.
This money can be used now to pay for
assisted living, nursing homes as well as in home services also. The procedure
is relatively quick with minimal paperwork. It is senseless to struggle
financially to pay for the needs of elderly loved ones when they can utilize
their life insurance policy to pay for care.
Many, many times life insurance
policies lapse when a loved one goes into assisted living or a nursing home just
out of financial neccessity as well as through medicaid planning.
Instead of letting a policy lapse or into surrendership, smart families are
looking into life settlements as a funding source for the high expense of Elder
Care.