Families affected by Alzheimer’s often face rising care costs and difficult financial decisions. If you’re searching for ways to ease the burden, learning how a life settlement can help families facing Alzheimer’s disease by turning an existing life insurance policy into a valuable financial resource can help. Instead of surrendering or letting the policy lapse, qualifying policyholders can sell their policy for a lump sum payment that can be used for care, housing, or any other needs.
Understanding Life Settlements
A life settlement is the sale of an existing life insurance policy to a licensed buyer for more than the cash surrender value but less than the death benefit. Once sold, the buyer takes over the premium payments and receives the death benefit when the insured passes away. For the policyholder, the immediate benefit is access to cash that can help cover urgent or ongoing expenses.
For families dealing with Alzheimer’s, this can be life changing. The cost of care continues to rise as the disease progresses, and many families are unprepared for how quickly expenses add up. A life settlement can turn an unused or burdensome policy into a source of support during a difficult time.
Why Alzheimer’s Patients Often Qualify
Life settlement eligibility depends on several factors, including the type of policy, the insured’s age, the policy’s face amount, and health status. Because Alzheimer’s is a progressive condition that affects life expectancy, policies owned by individuals with this diagnosis often hold significant market value.
Policies that may qualify include:
- Universal life
- Whole life
- Convertible term life
- Some group life policies
If the family no longer needs the death benefit or premiums have become difficult to maintain, a life settlement can help recover value that would otherwise be lost.
Using the Funds for Alzheimer’s Care
The proceeds from a life settlement can be used in any way the family chooses, which makes this option especially flexible. Common uses include:
- Paying for home care, memory care, or assisted living
- Covering in-home caregiving services
- Paying for medical bills, prescriptions, or therapies
- Supporting family caregivers
- Modifying the home for safety and comfort
This freedom allows families to prioritize what matters most while ensuring that care remains consistent and high quality.
When to Explore a Life Settlement
It may be time to consider a life settlement if:
- The insured has been diagnosed with Alzheimer’s or another serious illness
- Premiums have become too costly to maintain
- The policy is no longer needed for family protection or estate planning
- The family is thinking about surrendering or letting the policy lapse
Even if you’re unsure whether the policy qualifies, getting a no-obligation policy appraisal can reveal its true market value. Many families are surprised to discover that their policy is worth far more than the cash surrender value. Policies with no cash value can often qualify.
Finding Hidden Value in a Life Insurance Policy
A life insurance policy is personal property, and that means you have the right to sell it. For families facing the growing financial demands of Alzheimer’s care, understanding this option can make a major difference. By learning how a life settlement can help families facing Alzheimer’s disease, you can uncover the hidden value in your policy and use it to bring comfort, stability, and peace of mind.
To learn if your loved one qualifies, please give us a call today at 800-727-7654.
Do You Qualify?