Elder Care Ny
Paying For Elder Care Just Got Easier by Edward Gooden
Not too many financial specialist inform their clients who have purchased life insurance policies with a death benefit over $250,000 that they can utilize a somewhat unknown option on their life insurance to pay for the high cost of Elder Care. It is called a Life Settlement and it can fully take the financial burden off of families who struggle to keep their loved one in a quality facility.
A policy owner has the right to sell his or her life insurance policy to an institution for signifantly more than the cash value of the policy. For example, a life insurance policy with a $500,000 death benefit and a $75,000 cash value can be purchased for $250,000 and up. This money can be used now to pay for assisted living, nursing homes as well as in home services also. The procedure is relatively quick with minimal paperwork. It is senseless to struggle financially to pay for the needs of elderly loved ones when they can utilize their life insurance policy to pay for care. Many, many times life insurance policies lapse when a loved one goes into assisted living or a nursing home just out of financial neccessity as well as through medicaid planning.
Instead of letting a policy lapse or into surrendership, smart families are looking into life settlements as a funding source for the high expense of Elder Care.
Articles provide a general overview.For more helpful advice,information,videos & self help books please visit:http://eldercareinformation.info”>Paying For Elder Care Just Got Easier
Articles provide a general overview.For more helpful advice,information,videos & self help books please visit:Paying For Elder Care Just Got Easier
Article Source: http://www.earticlesonline.com/Article/Paying-For-Elder-Care-Just-Got-Easier/780112
New York Home Health and Senior Care: Home Care New York, New York
Tags: elder care ny, elder care ny attorneys, elder care ny times, elder care ny westchester ny, elder care nyack ny, elder care nyc