Life Insurance Conversions

Life insurance policies can be exchanged for Dementia and Alzheimer’s care services, allowing the policyholder to receive money for care and maintain the option for Medicaid eligibility.

Holders of life insurance policies have several ways by which they can use their policy to help pay for Dementia and Alzheimer’s care while the individual is still living.

Options Include:

  • Option 1: When the policy holder has a limited life expectancy, go to the company which issued the policy and to request accelerated death benefits or a death benefit loan.
  • Option 2: Sell the policy. The buyers pay a lump sum, take over the monthly payments and collect the death benefit when the individual passes away.
  • Option 3: Exchange the policy for care services. For example, an intermediary organization will determine the policy’s value and convert that into a specific number of months or years at a residential care facility.

Living Benefit Loans – How a Life Insurance Loan Works

A Living Benefit Loan, a type of life insurance policy loan, makes it possible for you to receive up to 50% of your life insurance policy’s death benefit today.

  • For example, if you have $100,000 of coverage, we can loan you up to $50,000 secured solely by your policy.
  • You do not lose your life insurance and your beneficiaries remain the same. If you currently have at least $75,000 of coverage and have been diagnosed with cancer or another serious medical condition, you may qualify for a life insurance loan.

Contact us at (847) 957-1300 to learn more about how our Living Benefit Program can be a financial resource for Dementia and Alzheimer’s.

Top-Rated Home Care and Support for Dementia & Alzheimer’s Patients

Dementia Helpers offers specialized home care and support services to Alzheimer’s and dementia patients throughout Chicago and the North Shore suburbs including both Cook County and Lake County. We provide our in-home dementia care and specialized memory care services to residents of Arlington Heights, Buffalo Grove, Chicago, Deerfield, Des Plaines, Evanston, Glencoe, Glenview, Grayslake, Gurnee, Highland Park, Fort Sheridan, Highwood, Kenilworth, Lake Bluff, Lake Forest, Libertyville, Lincolnwood, Lincolnshire, Morton Grove, Niles, Northbrook, Park Ridge, Round Lake Beach, Skokie, Vernon Hills, Wilmette and Winnetka.

We are backed with the resources of one of America’s largest and most trusted home care service organizations.