The applicant’s son called to inquire about trading-in a life insurance policy they were planning to abandon. His mother was unable to live at home alone any longer and they were looking into Assisted Living but needed financial help. Their mother owned a $100,000 life insurance policy. He completed a Life Care Funding application and submitted it along with policy information, authorizations and medical records. The family moved their mother into the Assisted Living community she was hoping to reside in with a number of her friends and relatives. Within 30 days, the application was approved and the $2,000 monthly Long Term Care Benefit payments began that same day. By adding $2,000 a month to what they already had available to pay for her care, instead of moving her into their home and trying to hire home health aides, they were able to keep their mother in the community for over two years.
$35,000 AB benefit
$2,000 monthly benefit
15 month benefit period – started 6/2010
$5,000 Funeral Expense Benefit
Policy Size/Type: $100,000 Universal Life