New Long Term Care Benefit Plan

Jackie Bedard
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Attorney, Author, and Founder of Carolina Family Estate Planning
Posted on Nov 04, 2014

For Immediate Release




Funding option converts a life insurance policy into a monthly payment stream

to cover all forms of long term care


(October 29, 2014) – Carolina Family Estate Planning announced today the introduction of innovative Long-Term Care Benefit as a financial planning tool to help families struggling with the costs of long-term care.  The Long-Term Care Benefit program converts a life insurance policy into a monthly benefit that pays for any form of Senior Care including Homecare, Assisted Living, Nursing Home, Memory Care, and Hospice.


One of the biggest challenges families face when confronting long term care is the monthly expenses.  For millions of seniors with a life insurance policy they now have an option available to convert a portion of the death benefit to help cover these costs.


Not to be confused with long-term care insurance, an annuity, or a policy loan; the Long-Term Care Benefit is unique because there are no wait periods to qualify, no limitations, no costs to apply, and no premium payments.  Instead of lapsing or surrendering a life insurance policy, the death benefit is converted into a “living benefit” in the form of an irrevocable, FDIC insured account that makes monthly payments automatically to the account holder’s choice of care provider.  Sometimes compared to a reverse mortgage for a life insurance policy; the account is tax advantaged and a Medicaid qualified spend-down.


“Most people do not realize that a life insurance policy is an asset that they are legally entitled to convert into another form of coverage instead of lapsing or surrendering their policy”, said Jackie Bedard, Elder Care Attorney. “Carolina Family Estate Planning is thrilled to give people a quick and simple option to convert a life insurance policy’s death benefit into a Long-Term Care Benefit and immediately apply it towards their choice of senior care.”


The Long-Term Care Benefit Plan has become an accepted form of payment for every form of Senior Care services across the United States because it pays out the present day value of a policy and keeps the account holder private pay, delaying their need to go onto Medicaid and allowing them to choose the form of care they want.


“Seniors don’t want to go onto Medicaid and move straight into a nursing home”, said Jackie, “and a big advantage of the Benefit Account is that it allows for immediate use, and as care needs change the flexibility to be able to adjust the monthly benefit amount and move from one form of care to another.”


For more information contact:

Jackie Bedard, Elder Care Attorney

Carolina Family Estate Planning

201 Commonwealth Ct #100

Cary, NC 27511