LONG TERM CARE SETTLEMENT OPTION
An underwritten life settlement for primarily Universal Life and Convertible Term policies. The policy’s settlement value is based primarily on the age and prevailing health conditions of the insured, with a specific focus on geriatrics and long-term care factors, and predicted life expectancy of 5 years or less. Underwriting includes review of a policy illustration, phone interview and review of medical records. The settlement is tax-free, based on the HIPAA exemption for chronic diagnosis. The funds are places into an irrevocable, no-fee bank-trust account (similar to a Health Savings Account HSA) set up to make monthly payments to whatever form of care is needed, at whatever amount is required. · Policy: minimum face value $50,000
· Minimum age: 65 (ADL exemptions apply)
*medical underwriting
*Illustration review
*Transaction time 90 days
Policy Illustration:
Level death benefit, minimum guaranteed premium to maturity or age 100+ or conversion illustration for Term policy.
Tax consequences:
HIPAA TAX-EXEMPTION FOR CHRONIC OR TERMINAL DIAGNOSIS