Trading-in a Term policy to pay for assisted living.
The daughter contacted Life Care Funding after her father suffered a stroke as a result of complications from advancing Parkinson’s disease. They needed to quickly secure skilled care as he could no longer live alone or care for himself. They could not move him into their home and wanted to get him into a skilled nursing facility near where they live. The cost was more than they could afford but they had been told they could trade-in his $150,000 term life policy for a Long Term Care Benefit plan instead of abandon it. The premiums were going to escalate within a year and they had planned to lapse it, but instead they were able to quickly convert it into a monthly benefit that would cover the costs of moving their father immediately so he could get the 24 hours a day care he required.
Monthly benefit – $3300
Benefit Period – 11 months
Death Benefit – 5000