A number of companies, such as Life Care Funding, will purchase a senior’s life insurance policy from him or her. In exchange, the company provides a portion of the face value of the policy to individuals facing high long-term care costs. <\/p>\n
These \u201clife settlement\u201d companies purchase the policy from the policyholder, then continue to pay the premiums. They make a profit by collecting on the policy after the policyholder\u2019s death. <\/p>\n
In addition to acquiring cash that can help with the immediate costs of long-term care, selling one\u2019s life insurance can make it easier to qualify for Medicaid. Once the policy is sold, it no longer belongs to the person who sold it, so individuals do not need to turn it over to qualify for Medicaid. <\/p>\n
As people age and earn less income, it is not uncommon to allow life insurance policies to lapse, rather than pay the premiums. Most life insurance (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A number of companies, such as Life Care Funding, will purchase a senior’s life insurance policy from him or her. In exchange, the company provides a portion of the face value of the policy to individuals facing high long-term care…<\/span><\/p>\n