For individuals who have sustained a fall, converting a life insurance policy into a permanent or long-term care benefit can provide crucial funding for rehabilitation and long-term care services.
Falls can result in significant medical expenses, and in many cases, rehabilitation and long-term care are needed for seniors to fully recover. One option for funding this care is to convert a term life insurance policy into a permanent policy or use it to access long-term care benefits. This conversion allows the policyholder to tap into their life insurance to cover costs such as home health aides, physical therapy, or specialized rehabilitation services. While life insurance conversions offer flexibility, they come with considerations, such as the potential reduction in death benefits and the need for careful financial planning to ensure that the policy’s value can cover the anticipated care needs. Seniors should consult with a financial advisor to determine whether converting their life insurance policy is the right move based on their current health and financial situation.