If you're looking for an assisted living community for you or a loved one and wondering how to pay for it, you're not alone. Typically, assisted living homes only accept private-paying customers, and only 13% of seniors can afford it on their own. Selling a home might be an option, but that could take months. How can you afford the gap between when you move into a facility and when you sell your home?
Selling an unneeded life insurance policy may be able to cover the expenses of assisted living while you sell your home, allowing you the time to get the best value for your home while living comfortably.
The average cost of a one-bedroom apartment in assisted living in the United States, according to Genworth.
We’ve pulled together some basics to help you get started
What is the difference between surrendering and selling my life insurance?
It's common for people to confuse surrender vs. sell. Surrendering your policy means going to your insurance company and “handing in” the policy. The insurance company will return whatever cash value you've accumulated, less some processing fees. Selling your policy is different, as it's more like selling your house. This involves working with someone like Worthright to evaluate the policy (which is an asset), and finding an investor to buy the policy asset for more than what the insurance company would give you. Read more on "What is a Life Settlement" or call us for a short discussion to elaborate.
What does it mean to sell a life insurance policy?
Selling your life insurance is like selling any other asset you own. You ask a third party to look at the policy and value it, then you take your policy to a group of buyers and someone will offer to buy it from you. This is typically facilitated by a broker or specialist. The buyers are typically large banks and other financial institutions like JP Morgan, Deutsche Bank or AIG.
How do I know if Worthright can help?
If you are over the age of 65, or are caring for a loved-one who is over the age of 65, it's likely you qualify to work with Worthright. In the event one of our Specialist Case Managers cannot help you directly, we'll introduce you to a number of pre-vetted resources that can. Feel free to give us a call or email and we can get started in learning about you.
So what exactly does worthright do?
A Specialist Case Manager will spend time learning a little about you and your family, understanding your challenges and goals during your retirement years, and pull a set of recommendations together for you and your family to review. We have a number of tools and services that we walk you through in an effort to find you the financial opportunities you didn’t know you had.
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Worthright is a marketing company. We are neither a life settlement broker nor a life settlement provider, and we do not represent the policy seller. We will help you understand your options and refer you to the most appropriate licensed entity that will meet your needs.