Wife converts policy so she can move husband from a facility they are not happy with into an assisted living community close to home.
Her husband was an attorney but now suffering from Alzheimer’s and unable to care for himself any longer. At first, she had been caring for him at home and then had moved him into a local facility, but for safety reasons she needed to move him to a specific Alzheimer Care community. She had been contemplating tapping into their 401K and taking out a second mortgage to pay for the costs. The community suggested that she contact Life Care Funding to explore trading-in a $250,000 life insurance policy for a Long Term Care Benefit plan. The policy had some cash value and a loan against it, but Life Care Funding was able to quickly calculate the conversion value of the policy to enroll in the Long Term Care Benefit plan. In less than 30 days she was able to move her husband out of the facility they were unhappy with and into the appropriate community for his care needs.
AB monthly benefit -$2500
Benefit Period – 36 months
End of life benefit – $10,000