For citizens dealing with Alzheimer’s, dementia, or other impairments, the financial impact of providing necessary care can be devastating.
It is estimated that almost 6 million Americans suffer some form of dementia. Alzheimer’s and dementia are health challenges that often impact a loved one’s life for an extended time — people diagnosed before age 70 often live for a decade or longer. In a recent study, 67 percent of people caring for loved ones suffering dementia reduced their personal spending to afford that care, with some reporting that they spend as much as 100 percent of their income. The extreme costs of the treatments for these conditions often derail financial and retirement plans leaving family members not knowing where to turn.
The settlement solution
The costs for memory care can be $5,000-$10,000 per month, which, for many, may mean expending retirement savings prematurely. Most families do not realize that an unwanted life insurance policy can be the key to ensuring your loved one receives the best care available.
A life settlement is an innovative financial transaction that allows you to sell an unwanted or unneeded life insurance policy, and the funds you receive can help decrease the health or financial challenges you and your family are suffering.
The life settlement process is easy and straightforward. Berkshire Settlements, a state-licensed life settlement provider, will examine the life insurance policy and the insured’s medical history. If the policy qualifies, Berkshire will make an offer for the policy (which is always more than the cash surrender value, but less than the full policy benefit). You may use the lump-sum cash payment for your policy for anything you want — the best medical care and treatment available, or to fulfill any “bucket-list” items you might not otherwise be able to afford.
The ideal candidate for a life insurance settlement is typically someone aged 65 or older that has a serious medical condition — such as someone suffering from some Alzheimer’s, some form of cognitive decline, or other serious illness or condition.
Berkshire has spent over two decades helping seniors with serious medical conditions receive a lump-sum cash payment for their life insurance policies that can be used for any purpose. If you think a life insurance settlement might be right for you and your family, contact Berkshire Settlements or call (800) 233-1745 for more information.