A married couple trade-in life insurance policies to pay for their care needs.
A husband and wife both needed to move into an assisted living community. She had recently suffered a stroke and could no longer care for both herself and her husband. Their son was given information about Life Care Funding by the community they were looking at as resource to help them with the monthly payments. They owned two life insurance policies that they had planned to abandon but instead now wanted to see if they could trade-in for Long Term Care Benefit plans. One was a $90,000 group universal life policy on him and a $20,000 group universal life policy on her. The family submitted applications and policy information for both of them. In less than six weeks both cases were evaluated simultaneously and approved.
Pete- AB enrollment date and benefit summary/obligation schedule: 7/1/2010 – $90,000 Group Universal Life $31,500 AB benefit: $1800 Monthly Benefit paid through September 2011 with a $4500 death benefit.
Dorothy -AB enrollment date and benefit summary/obligation schedule: 7/1/2010 – $20,000 Group Universal Life $9,000 AB benefit: $533.34 Monthly Benefit paid through September 2011 with a $1000 death benefit.