By: Dan A. Penning
Life Settlement Specialist
Are you or someone you know incurring significant out pocket costs for long term care expenses that are either uncovered by a long-term care insurance policy or in excess of the coverage? Does it all seem overwhelming and it’s keeping you up at night?
One solution to the problem is if the individual who is incurring the care expenses or a close family member may have a life insurance policy to sell to a third party through a life settlement.
A life settlement is the sale of a life insurance policy to a third party usually for an amount significantly more than the cash surrender value of a policy but less than the death benefit. A life settlement is different from a “viatical settlement” in that viatical settlements is a different process and only applies where the insured party has less than 18 months to live as verified by that persons treating physician.
There are many circumstances where a person is in need of long-term care but may not be terminally ill. Thus, a life settlement is the option in those situations.
The sale of a life insurance policy through a life settlement can produce much needed cash assets to use for payment of long-term care expenses in excess of or not covered by a long-term care policy. In these instances, the priority for the cash from the sale of the life insurance policy has a priority over other family members receiving the cash at the death of the individual in need of the long-term care.
At Professional Life Settlements Plus, we provide an in-depth no cost analysis into the viability of individuals considering life settlements for any reason.
Are you in a situation where the cash from life insurance would be more meaningful to you now than your beneficiaries after your death? Call me today for a free consultation.
Dan Penning
248-752-6480
