Consumer Benefit Plan converts a life insurance policy into a long term care benefit plan
For Immediate Release
(October 7, 2010) – Life Care Funding Group announced today the introduction of the Life Care Assurance Benefit Plan. The benefit plan converts a life insurance policy into a long term care benefit that will pay for the costs of long term care services of all forms. For those requiring long term care services such as home healthcare, assisted living and skilled nursing, the Assurance Benefit converts a death benefit into a life care benefit.
The Assurance Benefit program was first offered to a limited audience in the summer, and it is already paying for the costs of long term care for a number of families caring for a loved one. The benefit plan is not a long term care insurance policy and is unique because there are no wait periods to qualify, no limitations, and no costs to apply or premium payments. Policy owners use their legal right to convert a life insurance policy to enroll in the benefit plan and are able to immediately direct payments to cover the costs of long term care. Applying for the benefit plan is a simple process and can be completed with the first benefit payments being issued in as little time as a week.
Over 3,000 providers of long term care services around the country such as assisted living communities, nursing homes, and home healthcare agencies have begun offering the benefit plan to people needing assistance paying for the costs of their services. Over the coming months the benefit plan will be made available through thousands more long term care service providers, and families can sign up directly as well through Life Care Funding Group’s website.
“The economic crisis gripping this country has compounded the problems families are facing when it comes to paying for the costs of long term care. Most people do not realize that a life insurance policy is an asset that they are legally entitled to convert into another form of coverage. The Assurance Benefit Plan gives people a quick and simple option to convert a life insurance policy’s death benefit into a life care benefit and immediately apply it towards covering the costs of long term care and/or senior housing.”