All types of life insurance can qualify to be converted into a Long Term Care Benefit including term life policies, whole life, universal life and group life.  Cash value does not matter in a policy conversion because it is the death benefit that is being converted into a “living benefit”.  There are no costs or obligations to apply for a policy conversion and no more premium payments.

The underwriting process is simple, and the entire enrollment from beginning to end takes about 30 days.  Once a policy has been converted and the Long Term Care Benefit is set up, monthly payments immediately start being made to any form of senior care that is desired.  The Benefit will pay for Homecare, Assisted Living, Memory Care, or Nursing Home and Hospice care.

The Benefit Plan is designed to be flexible to meet the changing needs of care.  For example, the Benefit could start out at $1,000 a month for Homecare services but then switched at a later time to $5,000 a month to pay for Assisted Living if the person needs for care have changed.

Every senior care provider in the country accepts the Long Term Care Benefit Plan.  Thousands of senior care providers work with Life Care Funding to offer this funding option to help families pay for care, and some of the biggest Assisted Living and Homecare companies in the United States work with Life Care Funding every day to help families in need of care.