What is the rationale for a policy owner doing a life settlement to buy long-term care insurance?
Life insurance is most often purchased to provide income protection for a growing family in the event that something happens to a breadwinner. As the children become adults and leave home, and retirement investments replace the need for life insurance, the cost of continuing annual life insurance premiums begins to be questioned as a justified expense. Also, the costs of care for seniors, coupled with not wanting to be a financial or care-giver burden to children, become rightful concerns. A logical and cost effective way to purchase this long-term care insurance is with the proceeds from a life settlement. These are issues that financial professionals can help their clients explore. There are many varieties of long-term care insurance. We do not sell long-term care, but appreciate its value and the piece of mind it offers.
