Life Insurance May Hold the Answer.
Position | LONG-TERM CARE |
Even as aging Americans revel in the splendor of their well-earned retirements, they still harbor plenty of concerns, such as outliving their savings. Near the top of the worry list is the fear their health will deteriorate so much that they will be forced to seek long-term care, a situation that could leave them and their families slammed with expenses far beyond what they can afford.
However, the solution to this particular problem may be right in their home, tucked away in a drawer. "Many people don't realize that a life insurance policy can be converted to pay for assisted living, home care, and all other forms of long-term care," says Chris Orestis, author of Help on the Way and A Survival Guide to Aging.
"What's really sad is that, when they're suddenly confronted with the reality of long-term care expenses, some older people may let the policy lapse, figuring they can no longer afford it, and it's the very thing that holds the answer to their financial worries."
While millions of people own life insurance policies, few of them understand their rights as owner, notes Orestis, CEO of Life Care Funding Group, Portland, Maine. "Life insurance policies are assets--think of them just like a house. The owner of a house wouldn't just move out without selling the property. Why should the owner of a policy 'move out' without first finding out what the real value of the policy is?"
Here are a few key facts about how that life insurance policy can be converted to a long-term care benefit plan and potentially rescue the senior and his or her family from the back-breaking financial strain of...
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