Carrie’s Story

Carrie’s father owned a $250,000 non-convertible term policy that his family could not afford to keep in-force any longer. The PROBLEM? Carrie’s father had been a successful business man but after a long fight with lung and then brain cancer, the costs of care had devastated them financially, they could not keep making expensive premium payments any longer. The policy was close to lapsing when his daughter discovered that they could convert the policy’s death benefit into a living benefit by enrolling in the Long Term Care Benefit Plan. After submitting an application, in about 30 days they received $150,000 tax-free for the policy and it was put into their irrevocable, FDIC-insured Long Term Care Benefit Account. The family wanted to keep their father at home, so they drew down $30,000 to make improvements to the home and purchased a specialty bed for his room. They then hired 24-7 skilled nursing care at $10,000/mo. When he did pass away, the Benefit Account still held $75,000 which went to the family tax-free. All this from a term policy that was just weeks away from lapsing…