A Long Term Care Insurance Agent recommends a Long Term Care Benefit Plan Conversion instead of a Long Term Care Insurance Policy.
A long term care insurance agent was working with a client that needed to address an immediate need to move into an assisted living community. They were turned down by every long term care insurance company where they applied for coverage, but his client owned a $100,000 universal life policy. After considering their options they decided the best course of action to afford the move into assisted living was to trade-in the life policy for a Long Term Care Benefit Plan. They contacted Life Care Funding and within thirty days converted the policy into a monthly benefit that would be able to cover 15 months of residence and then immediately moved in.
$35,000 (includes broker fee)
Monthly benefit $1720
Benefit period-15 months
Death benefit $5000