Education and Care Resources

Long Term Care Insurance

What is long-term-care insurance?

Long-term-care insurance, like all insurance, requires you to pay a premium on a regular basis so that you don’t have to pay a huge amount later on in the event of a catastrophic illness or condition.

Long-term-care insurance covers services for people who are unable to care for themselves. The most common reasons that people need long-term-care insurance are:

  • A prolonged illness, such as cancer
  • A degenerative condition, such as Parkinson’s or a stroke
  • A disability
  • A cognitive disorder, such as Alzheimer’s disease

The two categories of help that people need are:

  • Custodial or personal care (For disabled or ill people, this is hands-on help with the activities of daily living such as cooking, eating, bathing, dressing, and using the toilet. For people with cognitive impairments, this is supervision, protection, and verbal reminders to do everyday tasks.)
  • Skilled nursing care or rehabilitation, either in the home or in a nursing facility

Long-term-care insurance can pay for long-term care, either in an institution (such as a nursing home) or in a residence, such as an assisted living facility or in one’s own home. Because most people prefer an assisted living arrangement, rather than living in a nursing home, they benefit by having insurance to help pay for what they prefer.

Reverse Mortgage

A reverse mortgage is a way for senior citizen homeowners to borrow money against the equity in their home without selling the home. Unlike a regular mortgage, the reverse mortgage requires no payment of principal or interest until the borrower dies, no longer owns the home, or does not occupy it as a principle residence for at least 12 months. At that point, the reverse mortgage matures, and must be repaid. In the United States, the home must be owned free and clear or have only a small mortgage balance to be eligible for a reverse mortgage. Everyone on the title must be age 62 or older to obtain a reverse mortgage. The reverse mortgage has no income requirements, and the money is available tax-free, as a lump sum, line of credit, or monthly payment.

For more information, please click here to complete and submit the form on our Contact page.

Life Insurance Settlement

In 1998, the concept of a Life Settlement was introduced. A Life Settlement involves the sale by a senior policy owner (age 65 or older) of an existing life insurance policy for a cash settlement. This Senior Settlement will be less than the death benefit, but more than the cash surrender value. Individual Benefits is your best source for converting your life insurance policy into cash today.

Talk to your Life Insurance Agent for more information.

Non-Recourse Premium Financing

Non Recourse Premium Financing is an innovative tool for turning Unused Insurability into a working asset. Non-recourse premium financing is a dynamic strategy that requires little or no out of pocket cost. To qualify, a prospective applicant must meet the following criteria:

  • Age 70 or above
  • Have a net worth of at least $2,500,000
  • Must be Insurable
  • Have sufficient assets to pledge as collateral for a letter of credit (if needed)

To inquire about Non Recourse Premium Financing, please click here to complete and submit the form on our Contact page.