When you consider the cost of long-term care, it makes sense to consider all options for paying for senior care. That includes using life insurance to pay for senior care at facilities like PeachTree Place Assisted Living in Ogden, UT.
Options For Using Life Insurance To Pay For Senior Care
- Living Benefits
- Long Term Care Insurance
- Hybrid Life Insurance
- Cashing In Your Life Insurance
Living Benefits Are A Type Of Life Insurance Benefit
Many Life Insurance Policies Have More Than Just Death Benefits. If you are looking into life insurance make sure to ask about Living Benefits, living benefit programs pay for most types of long-term care.
- Assisted living
- Home care
- Memory or dementia care
- Nursing home care
- Hospice care
- Rehabilitation care
How Does a Living Benefit Program Work?
The Living Benefit involves borrowing money from your life insurance policy. You don’t have any out-of-pocket expenses. Instead, the company takes the money from your death benefit when you pass away. Any money left after paying off the loan goes to your beneficiaries.
What Is Long-Term Care Insurance?
Long-term care insurance covers long-term senior care. It could include home health care or a senior community. You can protect your loved ones from the crippling cost of eldercare by paying for it while in good health.
Long-term care insurance typically involves paying a large lump sum at one time. In return, the policy pays for your senior care when you need it.
What Is Hybrid Life Insurance?
Hybrid life insurance combines two products for additional coverage. It pays for long-term care coverage or a death benefit if the policy isn’t used to pay for care.
How Can You Trade Life Insurance for Cash?
If you have an active life insurance policy, you may be able to cash it in to save money on the cost of senior care. You can exchange your life insurance payout for cash.
Get The Care You Deserve With Life Insurance Conversion
When you consider the cost of long-term care, it makes sense to consider all options for paying for senior care. That includes using life insurance to pay for the superior senior care services or senior apartments available at PeachTree Place Assisted Living in Ogden, UT. We offer affordable rates for senior apartments, memory care, and assisted living.