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The is no such thing as converting a life policy to a long-term care policy. One possibility, however, might be to sell the term policy for cash and then use the cash for long-term care expenses or, if the applicant is young enough and healthy enough, premiums for a long-term care policy.
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I read this article on this site. that says you can???

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???
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Yes it is legit. However weigh your options. At its core, this is called a "viatical settlement" where you are essentially selling the policy to a third party.

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".
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A Long Term Care Benefit Plan is the conversion of an in-force life insurance policy into a pre-funded, irrevocable Custodial Benefit Account that is professionally administered with payments made monthly on behalf of the individual receiving care. This option extends the time a person would remain private pay and delays their entry onto Medicaid. The policy transaction is specifically designed to conform to the secondary market regulations that govern life settlement/viaticals, and the Benefit is administered specifically to be a Medicaid qualified spend-down of the asset proceeds. By obtaining the fair market value for the life policy, and then at the direction of the policy owner putting the funds into an irrevocable bank account which can only be administered third-party to pay for Medicaid/Medicare qualified long term care services; the Long Term Care Benefit Plan is a regulated and Medicaid qualified financial vehicle to help cover the costs of long term care.
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You better listen to the above 2 fellows.

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
Vatical settlement....

Just remember that Co you talked
To are out to make money.

Good luck
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