Life Care Funding, a life settlement company, has something to cheer about. Today, they announced that their product, Life Care Benefit Plan, is in use in five of the top 10 homecare companies in the U.S., including First Light, Griswold, Senior Helpers, Synergy and Visiting Angels.
Each of these companies have taken a proactive approach to inform seniors that they can use their life insurance to pay for care.
"As an alternative to abandoning a life insurance policy, the Life Care Benefit is an irrevocable, FDIC insured Benefit Account that is administered to extend the time a person would remain private pay and delay their need to go onto Medicaid," said Chris Orestis, CEO of Life Care Funding. "We are excited to be working with such an impressive group of homecare industry leaders to help people struggling to meet the costs of senior care."
The following video shows the story of Larry, a successful Chicago businessman who always saved for the future, but being diagnosed with lung cancer and brain cancer within two years hurt him physically and financially. Larry "could fight the cancer but couldn't afford to live," as he put it.
Twelve million Americans receive long-term care every year and the predominant majority receive their care at home. As the nation as a whole continues to live longer, benefits such as life settlements will continue to grow in popularity.