Trading-In Dad’s life insurance policy pays for Mom’s assisted living care.
The family learned about Life Care Funding online and contacted us to see if they could trade-in their father’s $100,000 policy but use the Long Term Care Benefit plan to cover their mother’s care. Both parents had moved in with their daughter’s family and needed assistance with daily living. Their mother’s condition had worsened and they wanted to move her into an assisted living community less than a mile from their home. They were able to convert the policy into a Long Term Care Benefit plan that would cover the entrance fee and her monthly care in assisted living for the next year. She also owned a policy that they would maintain until this benefit was used up and then trade-in her policy if they needed to cover additional care beyond the first year.
Monthly benefit $3535 (plus $1000 entrance fee)
Benefit Period – 12 months
Death Benefit -$6580