Repurpose Your Life Insurance
All too often when I speak about a plan for when one can no longer live independently, the response is "I will worry when that time comes". The options for planning have just been drastically reduced. and the dependence on family members have been notched up. The following is an option for the "non-planners".
There is an plan that repurposes an in-force life insurance policy into a long term care benefit plan. The insured must be in need of long-term health care services when they initiate this plan. The life insurance policy is converted to a prefunded, irrevocable benefit account that is professionally administered. Payments are made each month from the account to the care provider for the benefit of the insured.
Do Not consider a life insurance program that names a spouse or family member as beneficiary.
This is an unique option because all health conditions are accepted, and there are no costs to apply nor premiums to be paid and benefits are received income tax free. A term life policy works as well as a cash value policy.
In the coming months, I will be covering the details of reversed mortgages, single premium immediate annuities, and senior living loans. If you have any questions, please contact me for more details on this issue or have suggestions for future topics. 914 242 3250, firstname.lastname@example.org.
As always forward this issue on to a friend. Remember we all are on the same train together and need each other for a smooth ride