Abacus Life Settlements has put together a short video further explaining the Senior Care Benefit Plan and how it can help seniors to stay independent financially. A life settlement can provide the foundation for the finances you need to pay for all future care expenses.
Whether it’s assisted living, a nursing home, or in-home-care, any senior care can be a heavy financial burden for seniors and their families. In most cases, social security and other government benefits don’t even come close to the expenses needed for quality senior care.
A Tax-Advantaged Life Care Benefit Plan can help seniors and their families utilize existing life insurance to pay for care. The insured can convert their life insurance into tax-free benefits by participating in a life settlement transaction in a unique way. This option is not contingent on the type of policy owned and can be applied to universal, whole, term, and group policies.
How much a policy is worth does not depend on the cash value of the policy, rather it is based on a portion of the death benefit. This makes it certain that seniors can receive the maximum amount of funds to be used towards their Long Term Care Benefit Plan. The Benefit Plan is an irrevocable, FDIC insured benefit account administered by a third-party ensuring the funds are protected for the recipient care.
The Benefit Plan can be adjusted to meet the changing needs of the enrolled and provides a final expense benefit to help cover funeral expenses. If the insured should pass away before the benefit amount is exhausted, any remaining balance is paid to the family or named beneficiary as a final lump sum payment.
If you are interested in pursuing a life settlement with Abacus, please fill out our free, no obligation One-Step Qualifier. If you want more information on life settlements or prefer to speak with a representative directly, contact us at 1-(800)-561-4148.