Assisted Living Conversion Case Study: Arbor Terrace at West Cobb
A wife was caring for her husband, an Alzheimer’s patient, at home and needed to move him into a memory care facility for safety reasons. She was researching communities in the Atlanta, GA area and was also looking for funding options to help pay for the costs of housing and care. She found out about the Viatical Assisted Living Conversion online and learned that they could convert their $250,000 life insurance policy into a long term care payout. They submitted an application and were approved for an assisted living conversion in less than thirty days. Knowing that they had a $100,000 long term care benefit plan in place to start making monthly payments to a care provider, they made the decision to move into Arbor Terrace at West Cobb in Austell, GA.
Case Study Example:
Gender: Male
Age: 67
DOB: 7/23/1943
Facility: Arbor Terrace at West Cobb – Austell, GA
Policy Size: $250,000
Policy Conversion: $100,000
Viatical Assisted Living: $2,500
Final Expense Benefit: $10,000
Key Benefits of the Viatical Assisted Living Conversion Include:
• Simple application and review process
• No age or policy size minimum
• No premium payments
• All types of in-force life insurance qualify
• Fixed payments made directly to care provider/facility
• Preserves partial death benefit
• SNF, AL, Home Health and Hospice all qualify
A Viatical Assisted Living Conversion allows the owner of an in-force life insurance policy to convert their policy into a long term care benefit to help cover the costs of Senior Living and Long Term Care. Additionally it can cover costs to pay for assisted living or to pay for a nursing home. Once enrolled, the benefit plan is administered on behalf of the family and the benefit payments are made directly to the facility on a monthly basis. A final expense funeral benefit is preserved for every family. Families with the need to pay for long term care or elder care that are unable or unwilling to keep their life insurance policy in-force by maintaining premium payments, or are planning to abandon as part of a Medicaid spend down regimen, a Viatical Assisted Living Conversion is often a much better choice.