National Care Planning Council
National Care Planning Council

Senior Services
from our Members

Eldercare Articles

    Eldercare ArticlesThe NCPC publishes periodic articles under the title "Planning for Eldercare". Each article is written to help families recognize the need for long term care planning and to help implement that planning. All elderly people, regardless of current health, should have a long term care plan. Learn More...

Books for Care Planning

About Life Settlements & Viaticals

EldercareA life settlement may be an ideal way to free up extra cash to help the elderly remain in the home, to pay for medical and long term care expenses or to pay bills.

A life settlement is the sale, assignment, transfer, or bequest of the death benefit or ownership of a life insurance policy by the owner of the policy where the insured does NOT have a catastrophic or life-threatening illness or condition. Typically, the owner of the policy receives cash (generally an amount greater than the cash surrender value in the policy, but less than the full amount of the death benefit); and the life settlement company becomes the new owner and beneficiary of the policy and is responsible for the payment of all future premiums. Upon the death of the insured, the death benefit is paid to the life settlement company. Life settlements usually involve the sale of life insurance policies by owners where the insured is a senior citizen or where the insured may have a medical condition that will likely result in a shortened life expectancy.

A viatical is a product similar to a life settlement.

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