Daughter is able to keep her father home, despite a tough economy, by converting his term life policy.
A daughter was caring for her father but the turn in the economy had hurt his investments and her own family’s finances. As his condition worsened they were unable to keep up with the costs. He owned a $250,000 term life policy that they decided was going to be too expensive to keep any longer. Just as they decided to stop making premium payments they found Life Care Funding’s website and called. Instead of abandoning the policy, Life Care Funding converted it into a Long Term Care Benefit that allowed the family to recover some of their out of pocket expenses they spent on his care and then set up a monthly benefit payment to cover 24 hour in-home skilled nursing care for the remainder of his life.
AB enrollment date and benefit summary/obligation schedule: April 30, 2010, AB Benefit of $150,000: $10,000 Monthly Benefit through November 2010 with a death benefit of $50,000.