A small life insurance policy is traded-in to make up a gap in ability to pay for assisted living.
A family was coming up a little short in their ability to pay for their mother to move into an assisted living community. She owned a small, $27,000 life insurance policy and they were going to surrender it for the remaining cash value. The community director told them that they should first contact Life Care Funding to see if they could convert the policy for more than they would get by surrendering it for cash value. The family was approved to enroll their mother for a Long Term Care Benefit Plan that was 6 times greater than the cash value they would have received. They were able to combine the monthly benefit amount with what they could afford to cover and move their mother into the assisted living community where they all wanted her to live.
Monthly benefit $975
Benefit period 12 months
Death benefit $1357