With an increasing population of aging Americans who now receive some level of medical care or other assistance in their homes, looking for ways to pay for home health care costs is a key challenge for a growing number of families. Although home health care costs vary among agencies and geographical location, consumers can expect to pay an average monthly cost of $3,813 for 44 hours of home health care provided by a home health aide. Skilled nursing services cost more.
A viatical settlement is when you sell a life insurance policy to a third party for a cash benefit. This type of life settlement used to be used only when there was a life-threatening circumstance such as terminal cancer or other terminal diagnosis. Understanding Viatical Settlement Companies is vital when looking into the Viatical Settlement option.
To date, there has been very little federal life settlement regulation, and only 8 states remain unregulated and have not adopted one of the two models – NAIC or NCOIL. The lack of federal licensing requirements and life settlement regulations may discourage owners of life insurance from considering life settlements as they are unsure as to which life settlement provider to trust. Owners currently have to rely on brokers or their own research to protect themselves in determining which life settlement companies are legitimate or not.
The cost of long term health care is rising; making it essential that seniors protect themselves. But how? If you are worried that the costs of long term care may eat away at your life savings you may consider a long term care insurance policy, but is long term care insurance really the solution?
A life settlement broker operates as an intermediary between the seller and buyer of a life insurance policy called a life settlement. Ideally, a life settlement broker will be protecting the interests of the life insurance policy seller/owner, whereas the buyer will be interested in the life settlement as an investment. A life settlement broker will take a percentage from the offer given to the seller.
In the mid 1980’s, Anna decided to pack up her belongings, including two children, and move in with a sibling. Although the move did her very good, there was no denying that she suffered from severe mental issues. She did, however, do her best to treat these issues, including through the help of licensed physicians and through self medication. Unfortunately though, her mental illnesses continued to worsen. Even after moving several more times, Anna could never find peace, and her mental problems only aggravated her already frail state. As you’ll see, if she had trouble paying for assisted living, it may have cost her her life.
Life Settlement Providers play a key role in the life settlement business. Life Settlement Providers are the companies that purchase existing life insurance policies from individuals (usually through brokers) and they are the ones who sell the bundled policies to investors.
As seniors get older, making sure their affairs are in order and preparing for long term care are key. The life settlement industry is ripe with ways to help those preparing for long term care, but many of these options are not well known to seniors. According to the Atlanta Journal-Constitution, seven out of ten people will need long-term care sometime after age 65. It’s important for aging individuals to at some point think about assisted living costs, home care, and other situations that may require a substantial amount of money over time.
What happens when life insurance premiums become too expensive, or when a person determines that life insurance is no longer necessary, and wishes to be free of the additional monthly expense? Too often, people let their insurance policies lapse, losing years of monthly premium payments that they have paid. But don’t worry, there are ways to get the most cash for your life insurance policy.
When considering long-term and aging care needs, one of the first places to look is at any life insurance policies the individual may hold. While you may be interested in selling your life insurance policy, there may be questions about whether or not a universal life insurance policy will qualify for a life settlement. Here’s what you need to know