The Policy owner is currently living at an assisted living community and was running out of money and facing possible eviction. The broker had already helped a family earlier this year procure Homecare using the Life Care Funding program (a $50,000 term life policy) and came back to us with this case.
The policy owner had been unable to receive an offer in the life settlement market. The size of the policy and premium payments combined with the LE’s was unattractive in the retail life settlement market. The size of the policy and premium payment projections became more realistic once additional medical information related to the long term care the policy owner was receiving in an assisted living community was analyzed to measure the severity of the impacts related to life expectancy compression. The policy owner was already a resident of an assisted living community but these medical records were not part of the LE analysis and key information had been overlooked which was now taken into account to get a more realistic estimate of remaining life expectancy.
This allowed for a significant offer to convert the policy into a Life Care Benefit which would be able to cover the monthly cost of care for at least the next two-three years. They case is now in closing.
*Case Studies On File