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I called them and asked them if they did term insurance and they said yes, even group insurance. We need the funds now so Long term care insurance has not been an option for years. This company will make payments for home care or so they say. Now I am nervous. They have a video and it looks legit???
They are giving you cash (or in the case of the company you referenced, paying for long-term services) based on an "underwriting" formula whereby they attempt to determine how soon the insured will die as opposed to how long the insured will live.
The purchaser of the policy is making a bet that the value of the policy will exceed the premiums and benefits paid at the insureds death. The sooner the demise, the more money the purchaser makes. It sounds gruesome but it's just business and can benefit all parties.
Depending on the size of the policy it may make sense to contact several brokers and see what offers might be made. Just do a search for "viatical settlements".
If they buy it will be nowhere near face
Value....also who is keeping up the
Premiums....also when does the term
....if in a year....I bout they will touch
Some companies have a provision
That if you are terminal or some
Include Ltc you can get a smaller
Amount, direct thru the company.
Do your home work......key word is
Just remember that Co you talked
To are out to make money.