A retired insurance agent trades-in life insurance to fund his care (twice) $50,000 Universal Life with $18,000 loan.

The applicant’s daughter called about her father needing help with the costs of long term care in an assisted living community.  They were running out of money but did not want to have to relocate their father into a nursing home.  Her father had been a career life insurance agent and suggested that they contact Life Care Funding and look at trading-in one of his policies for a Long Term Care Benefit plan.  He owned a number of policies and asked Life Care Funding to evaluate the conversion value of a $50,000 policy with an $18,000 loan.  Within 30 days they were able to set up a Long Term Care Benefit plan that would contribute every month towards the money the family was spending on his care.  This extended the amount of time by almost two years that they could afford for their father to remain in the community.

The family contacted Life Care Funding a second time after the first benefit period concluded to convert another of their father’s policies.  He had another $50,000 policy without any loans that they converted after the first time.  Their goal is to extend the amount of time he will be able to remain in the community by combining their income and the monthly benefit payments.

Policy One    $12,625
Monthly Benefit $675
Benefit Period 15 months
Death Benefit – $2500

Policy Two  $25,000
Monthly benefit $1,250
Benefit period 18 months
Funeral benefit $2,500