I wanted to share this great two-part article with you. It's titled "Turning life insurance into long-term care insurance
." It's written by Yale Hauptman, an elder law attorney in New Jersey.
The article discusses how cash received from a life settlement can help pay the cost of care for seniors. According to Yale, "This might allow Mom or Dad to stay in an assisted living setting or at home longer before money runs out and a move to a nursing facility becomes necessary. It could also help get a family through a Medicaid
penalty period resulting from gifts that were made several years before that can’t be repaid.
Here are they articles: Part 1
and Part 2
The policies involved in these situations are typically — what the life settlement industry considers — small face policies. That means they have death benefits of under $500,000. There are very few buyers for these type of policies.