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Your life insurance policy could pay for your long term care!!

In episode 004 of Financially Empowered with Ralph Russell, senior care expert Chris Orestis addresses how a life insurance policy may be able to assist with the insureds long term care expenses.

It should come as no surprise most Americans do not have the money to pay for long term care. In fact according to a recent article in The Economist, "The median family of retirement age has $12,000 in savings. That is a terrifying figure for a country where Social Security, the state pension, pays out a maximum of roughly $2,500 a month".

What many Americans do have is a life insurance policy. In the podcast, Chris states there are over 100 million life insurance policies in force in the US. What amazes me is insureds allow $100 Billion dollars of face value (death benefit) to lapse each year.

Before you let a policy lapse, consider the fact the policy can quite likely be sold when you need to pay for senior care expenses.

Let me give you a hypothetical example, a 78 year old is in need of senior care now. This could be in the form of in home care, assisted living, memory care or nursing home. The insured has a $300,000 life insurance policy, but no money to pay for senior care and they would prefer not to go on Medicaid. The insured can complete an application, send in a copy of their life policy for review, along with a Hippa to GWG Life and within 10 days, GWG will provide a determination on an offer for the life policy.

The offer can range from 30% to 50% of the policies death benefit, depending on the age, health of the insured, and policy structure, with the funds being converted into a irrevocable bank trust account. The funds for the senior care will be paid from this trust account on a monthly basis to the senior care provider.

Should there be a balance in the insureds trust account at their passing, the balance would flow to beneficiaries named.

For more information on this program, visit, let them know you learned about the company on Financially Empowered with Ralph Russell.

If you have any questions on this or any episode, please reach out to me on Twitter @ralphspodcast, on Facebook @financiallyempowered or via email at

Thanks so much for listening!

All the best!!


About the author, Ralph

My entire 30 yr plus career has focused on finance. The past 7 years have been spent assisting small business owners and commercial real estate investors with obtaining the funding they need to accomplish their goals.

For small business owners, I have assisted with arranging lines of credit, account receivable. purchase order and equipment financing, along with working capital.

For commercial real estate investors, I focus on refi's, refi/cash out, property acquisitions, financing for new commercial developments, fix and flip loans and investment property financing.

During my career, I have learned we all can make the best business decisions possible if we had access to the appropriate capital partner for each specific financial request and credit profile.

Please reach out to me directly with any question you have related to your business or commercial real estate financing objective. Also, you can let me know what struggles you may be facing in your business, and I will do my best to help you get the answers needed to get through the struggle.

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