Why do I have to cash in my Dad's life insurance policy if I'm paying for it?

JessieBelle your not speaking with Marie Antoinette she died in the late 1700's or early 1800's not sure right off hand your speaking with her double first cousin Pinky Marie.

All humor aside. This web site is set up to show different view points on different topics and its a sure things everyone is not going to agree with all of them. I happen to think that we are born into this world by and large the same naked babies equal no more no less. Thru out our lives we are faced with choices that we must make. Some will be good ones some not so good. There will be challenges we must cope with and again make choices on. As we grow and mature those choices become harder and have consequences if not made wisely. This process repeats and repeats hopefully by the time we have become older adults we have made enough good choices that we have security. But if not there are some safety nets set in place by the government (you and I) to help, while they are not perfect they are better than nothing for some. But to say that the people that have made better choices are now going to be held to a higher level of accountability for the ones that didn't is pretty out there. To say that you have more than me there fore I should get to keep what I have and you should pay for my care is unrealistic. THIS IS JUST MY VIEW POINT nothing more nothing less

If the policy is worth $100,000 or more, it does not have to be cashed in to the life insurance company to receive monies. It can be sold on the secondary market for several times more. This money can change everything. You can use it to pay for long-term care expenses and it may delay Medicaid by several years. Yes, the children will not receive the death benefit, but if you hand the policy back to the insurance company, no one gets the benefit.. This process is called a life settlement and it is paying for long term care such as assisted living and memory care for our clients who do not have long term care insurance or assets. Even term policies can be turned into cash. In fact, www.longtermcare.gov states this is an excellent way to pay for long-term care. Don't hand the policy back the insurance company. They pay very little. This is no different than Aid and Attendance for veterans. Use your resources wisely.