By Chris Orestis via Iris.xyz
Near the top of the worry list for anyone considering retirement is the fear their health will deteriorate so much they’ll be forced to seek long-term care, a situation that could leave them and their families slammed with expenses far beyond what they can afford.
Surprisingly enough, the solution to this particular problem may be right in their home, tucked away in a drawer.
Many people don’t realize that a life insurance policy can be converted to pay for assisted living, home care and all other forms of long-term care. What’s really sad is that, when they’re suddenly confronted with the reality of long-term care expenses, some older people may let the policy lapse, figuring they can no longer afford it. And it’s the very thing that holds the answer to their financial worries.
Part of the problem is that while millions of people own life insurance policies, few of them understand their rights as owner.
Life insurance policies are assets. Think of them just like a house. The owner of a house wouldn’t just move out without selling their property. Why should the owner of a policy ‘move out’ without first finding out what the real value of the policy is?
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