QUESTION:

Life Settlement Was the Right Thing for My Mom

My mother and I recently decided to sell her life insurance policy as a life settlement. We feel really good about our decision for the following reasons:
1) The policy was expensive -- monthly payments are good to get rid of
2) While she is in pretty good health now, she is no Spring chicken... We think that her mother had alzheimers before she died... So, there is a chance that my mother will develop it too, but she didn't have long term care insurance.... So we took the proceeds from the life settlement and are using them to fund a long term care policy.

I would much rather be assured that my mother is well taken care of as she ages... which we hope the long term care policy will do... rather than keep paying the life insurance premiums now... and get the future proceeds upon her death.
asked by Janet, 2/28/2007
Categories: Life Insurance
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