Life Settlements to The Rescue: NAIC Recommends Life Settlements as a Long-Term Care Financing Mechanism

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The escalating cost of senior health care, particularly long-term care, is crippling individuals, families and governments.

On July 19, 2017, the National Association of Insurance Commissioners Long-Term Care Innovation Subgroup, responsible for examining the future of long-term care financing, and identifying private market solutions for individuals and families struggling with the burden of those costs – issued a report, entitled Private Market Options for Financing Long-Term Care Services.

The report recommended life settlements as an established, highly regulated transaction in which seniors may choose to sell an existing life insurance policy for an amount of money that is significantly greater than if the policy is lapsed or surrendered back to the insurance company.

This is an option seniors might use to generate resources to pay for their long-term care needs.

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