Secure Assisted Living Payments for Stroke Care

Payments for Assisted Living Stroke Care Case Study: Whitcomb of St. Josephs

The family was given our information from the Whitcomb of St. Josephs, MI. It became necessary to move both parents into an assisted living facility as their mother recently had a stroke and was no longer able to care for herself or her husband. Upon learning that they could convert a group policy their father had kept after retirement; they completed an application for both parents. In a matter of just a few weeks they were able to convert two policies worth $110,000 of life insurance on both the father and mother into two Viatical Assisted Living accounts. The payout is monthly and their parents can now afford to move into the Whitcomb. Their Viatical Assisted Living Conversion is worth almost $50,000. The account started making a monthly payment for the father of $1,800 and an additional $533 for their mother almost immediately.

Viatical Assisted Living Conversion Case Study Example:

Policy A.
Male / 86 / 3-12-1924
Policy B.
Female / 81 / 12-17-1928

Facility: The Whitcomb St. Joseph, MI

Policy Size:

  • Policy A. $90,000
  • Policy B. $20,000

Policy Conversion:

  • Policy A. $31,500
  • Policy B. $9,000

Viatical Assisted Living:

  • Policy A. $1,800
  • Policy B. $533

Final Expense Benefit:

  • A. $4,500
  • B. $1,000

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.