Seniors experiencing memory loss may benefit from converting a life insurance policy into a permanent policy or using it to pay for memory care services or home assistance.
Memory loss can create a range of challenges for seniors, from difficulty managing daily activities to the need for professional memory care. For seniors with life insurance, converting a policy can offer financial relief to cover the costs of this care. Converting term life insurance into a whole or permanent policy may provide access to funds for long-term care, including residential memory care facilities or in-home assistance. Alternatively, seniors may be able to access accelerated death benefits or use the policy’s cash value to help pay for medical and support services. However, it’s important to understand how converting the policy might affect the death benefit and whether the costs of conversion are manageable. Consulting with a financial planner or insurance professional can help seniors make an informed decision regarding their life insurance options for memory care.