Have you given thought to how you’ll pay for long-term care in your twilight years? Americans are living longer, and studies show that 70% of seniors will need intense long-term care at some point in their lives.
According to the Bipartisan Policy Center, the average monthly cost for a nursing facility is $7,300, the monthly cost of a home health aide is around $3,800, and a community-based adult day care center is approximately $1,600 per month.
You may have a hidden asset that will help cover these costs. Life insurance policies can be used to fund long-term care when sold as a life settlement. A life settlement is the sale of an existing life insurance policy to an institutional investor. The investor takes over all the premium payments and the owner receives a cash payment that is higher than the current cash surrender value, but lower than the face amount of the policy.
For many policyowners, education is the key to making decisions that will maximize their assets and provide for their financial goals. To learn more about life settlements and how to offer this valuable option to your clients, visit genesislifesettlements.com or email us directly to talk one-on-one with a Genesis advisor.