Discussing finances can be difficult, especially in relation to aging and mortality, but it’s an important discussion to have. There are a dizzying number of options for assistance, some of them being more worth pursuing than others. However, finding information about these options can be difficult.
Most educational materials give quick nods to things like Reverse Mortgages, Life Settlements, Government Funding, Insurance Options, Retirement Funding, etc. But the education ends at that “quick nod,” and readers often wind up even more confused than they were at the start. That's why we have created this series of articles, to educate older adults and their families on their financial options for long term care, with in-depth views of their individual options.
What is a Life Settlement?
A Life Settlement at its core is a method of liquidating a fixed asset - aka your life insurance policy. The industry standard is that a settlement offer is always higher than the surrender value of a policy, but lower than the death benefit. When a Life Settlement is finalized and an offer is accepted, the client signs over ownership of the policy in exchange for cash.
Life Settlement Value
The value of a Life Settlement offer is based on several variables including policy information, underwriting, and what type of Life Settlement company you choose to work with.
Policy Information
Policy Information includes the overall value of your policy, how much your current premiums are, policy loan amounts (if any), and policy cash value. Since the Life Settlement company takes over ownership of your policy, it is important for them to be aware of all of these variables beforehand, and they will play heavily into your offer. A policy with premiums that are a small percentage of the overall death benefit will always price better than a policy that has extremely high premiums for example.
Underwriting
Life Settlement companies use the same actuarial tables and underwriters that most major life insurance companies utilize. Life Settlement offers are heavily reliant on this underwriting, as it lays out the length of time that premiums are going to be paid as an average. This underwriting is based on medical records, historical averages, and the client's own account of their lifestyle.
Type of Company
The Life Settlement industry is comprised of several layers - at the bottom of the industry are lead generation companies, followed by Brokers, and then Providers. Lead generation companies forward clients along to actual Life Settlement companies, but do not actually involve themselves in the Life Settlement process. They are essentially Life Settlement advertisers that profit from a portion of a client’s settlement.
Brokers are further up the ladder, but they also serve as a “middleman” to the companies that actually purchase the policies. The amount of your settlement that a broker keeps varies, but it is often above 10-20%.
Providers act as direct connections to the capital within the Life Settlement industry, making them as close to the top of the ladder a client can get. A Life Settlement done with a provider is often called a “Direct” settlement. Providers typically profit from working with funders rather than taking a portion of their client’s Settlement offer.
However, no matter what type of company you decide to work with, make sure their niche is in the market, and how much of your offer they keep is clearly defined during the first call. If for whatever reason the representative is dodgy or unclear, end the call. Lack of transparency has no place in a major financial transaction.
Who Should Consider a Life Settlement?
The near industry wide rule-of-thumb when it comes to a quickly identifying potential for a Settlement is that healthy individuals should be at least 72 years of age. If you have minor health issues you should be at least 60 years of age, and if your health issues are major or terminal than you will likely qualify based on underwriting despite your age.
Life Settlements are a viable financial option in a number of different scenarios for seniors, but some of the most common include:
Industry Warnings
The Life Settlement industry has earned a leery reputation, primarily on the back of several companies that used illegal financial techniques to increase profits. Prior to regulations being put in place, unscrupulous companies would often pay the sick and elderly to take out policies with the intent to sell. The practice was quickly made illegal. Still, individuals have attempted it in recent history and been punished accordingly. Be on the lookout for this tactic if you begin looking into securing a Life Settlement for your own policy.
The unnecessary layers involved in some cases can cause potential settlement offers to be significantly smaller than they should be. It isn’t uncommon for an individual policy to see 3-5 companies before it reaches a provider who ultimately makes the decision to purchase. Always ask any company you work with to make it very clear if what their role is and ensure that your case is being handled directly instead of through a lead generation company.
Tip: Search “[Company Name] Lawsuit" when you are considering a company to work with for your Life Settlement.
Conclusions
If you would have asked me a 10 years ago, I wouldn’t have brought up a Life Settlement as viable financial option. The industry was too unregulated, and elder financial abuse ran far too rampant. Licensing was rare or non-existent, and offers were often unfair. In 2017 however, I would absolutely suggest looking into a Life Settlement if you are of retirement age or suffering from a disease or illness. There is extensive industry oversight from state and federal lawmakers, licensing is mandatory in most states, and offers are the strongest they have ever been. Just ensure that any Life Settlement is done through a well vetted and reputable organization. As always, if you ever feel even remotely uncomfortable, step away.
If you or your loved one could use help discussing or planning financial options, we can help. American In-Home Care always refers qualified, screened, care providers that are compassionate and ready to help with a variety of services, and our Client Care Liaisons are standing by to answer your questions. Contact us at 1-844-505-0004 to schedule your free in-home consultation to discuss which care options are right for you and your family.
The respiratory system, like many of the other human systems (e.g., cardiovascular, digestive), is a wondrously complex and sophisticated arrangement of organs working together to maintain homeostasis.Contact an Office in Your AreaChronic obstructive pulmonary disease, more commonly referred to as COPD, is a health problem facing adults in the U.S. Because of its progressive nature and increased age as a leading factor, there is a greater prevalence of COPD in seniors. The good news is that many adults can easily reduce their risk of COPD through lifestyle management. COPD represents a group of lung diseases, with the two most common being emphysema and chronic bronchitis.Symptoms of COPD includeConstant coughingWheezingShortness of breathCoughing up mucusTightness in the chestResearch also suggests that there may be a link between poor air quality and COPD. The American Lung Association estimates that between 80-90% of COPD cases result from smoking. Unsurprisingly, secondhand smoke is a significant risk factor as well. Seniors should take the following steps to reduce their risk of COPD:Older adults that smoke should get support from a primary care physician and take steps to quit. There are many programs, services, and products that can help.Seniors should avoid contact with secondhand smoke whenever possible.Reducing exposure to air pollution can help relieve symptoms. Many cities issue poor air quality warnings when these warnings are in effect, seniors should limit outside activities. Seniors should avoid airborne irritants (chemicals, fumes, etc.) in the home.A healthy diet and exercise plan can improve lung function and overall health with direction from a physician.Older adults should understand the impact of aging on their respiratory system and reduce their risk of any related diseases, illnesses, or conditions.Doctors may recommend getting vaccinations for both influenza and pneumococcal pneumonia to guard against further breathing complications.Comfort Keepers Can HelpComfort Keepers elevates the human spirit for todays seniors and their families through a unique, individualized approach to care that helps seniors thrive and achieve greater wellbeing by fostering everyday positive moments, connection, and a more purposeful life no matter their age or acuity. As part of a healthcare team, an in-home caregiver can assist with activities that slow disease progression or reduce the risk for those with respiratory issues. Comfort Keepers caregivers can help by supporting physician-recommended health programs, preparing meals, encouraging prescribed physical activity, reminding seniors to take medications, and providing transportation to scheduled appointments. References:Healthline. Everything You Need to Know About Chronic Obstructive Pulmonary Disease (COPD). Web. 2018.Everyday Health. 5 Best Ways to Prevent COPD by Chris Iliades, MD. Web. 2018.Aging Care. An Overview of COPD by National Institutes of Health. Web. 2017.Unity Point Health. The Top 8 Respiratory Illnesses and Diseases. Web. 2014.American Lung Association. Lung Capacity and Aging. Web. 2017.Centers for Disease Control and Prevention. Chronic Respiratory Disease. Web. 2017.
As seniors age, physical activities can have not only positive physical effects, but positive cognitive effects as well.Contact an Office in Your AreaIn one study, 100 nursing-home residents performed resistance exercises three times a week for 10 weeks. At the end, the exercise group could lift significantly more weight, climb more stairs, and walk faster and farther than their sedentary counterparts.Its been proven time and again that exercise is good for seniors physical and mental health. Regular exercise, even in small amounts, can improve mood, relieve stress and improve health. According to the CDC, four of the five most expensive health conditions older adults face can be prevented or managed with physical activity. But, only about 35% of adults over the age of 65 are physically active. Any senior starting a new exercise plan should consult with their physician. And, it is helpful for family and members of the care team to assist and support physical activity in any way they can. For those that are physically able to begin an exercise program, regular movement can help them live a more vibrant and healthy life. Some of the health benefits include:Improved mental health, mood and outlookPrevention, or improvement of, diseases such as diabetes, obesity, heart disease, and osteoporosisReduced pain from arthritis and minimizing its severityDecreased risk of fallsEach individual has different needs when it comes to exercise and varying health conditions that may need to be taken into consideration before beginning an exercise regimen. A health professional to determine the best approach to physical activity with senior care.There are a variety of ways to incorporate aerobic activity, strength-building exercises, stretching and balance all without leaving the comfort of home! Aerobic exercise Walking in place, dancing or aerobic routines can help get the heart rate up. These activities improve cardiovascular health and help older adults maintain a healthy weight. Strength building exercises there are many easy strength-building exercises that can help seniors build the muscles they need to do everyday activities and prevent muscle loss. And, exercises can be done with household items or using body weight, so no expensive equipment is required. Stretching Stretching before and after exercise can help prevent soreness after exercise. And, the additional benefit is improved flexibility, which is good for older adults physical health. For those looking to improve their flexibility even more, there are exercise routines available online that include yoga or stretching routines specifically for seniors.Balance exercises Balance exercises help seniors prevent falls and improve mobility. Yoga, tai chi, and other low-impact activities can all help improve balance and overall physical health.Those that need a little assistance getting started should not hesitate to reach out to their doctor, family or caregiver. It is never too late to adopt an active lifestyle! Comfort Keepers Can HelpFor seniors that need a little extra help living an active lifestyle, Comfort Keepers caregivers can help with encouragement, support and assistance with physician-prescribed exercise plans. And, caregivers can encourage overall health through meal planning, grocery shopping, meal preparation and activities. Our custom care plans focus on physical and mental health and wellness activities. Our goal is to see that clients have the means to find the joy and happiness in each day, regardless of age or acuity.To learn more about our in-home care services, contact your local Comfort Keepers location today. ReferencesCenters for Disease Control and Prevention. Adults Need More Physical Activity. Web. 2019.Health and Human Services. Facts & Statistics: Physical Activity. Web. 2017.National Council on Aging. Exercise Programs That Promote Senior Fitness. Web.Readers Digest Canada, 5 of the Best Exercises for Seniors to Build Strength, Improve Balance and Boost Heart Health. Web. Harvard Health Publishing. Exercise after age 70. Web. 2007.
More Americans are choosing to age in place. That is, they opt to stay in their homes rather than move to alternative retirement settings.But that often means they must modify their home, so it's not a danger to their safety and health when their physical abilities change.A new career field has risen to address this need: the Certified Aging-in-Place Specialist (CAPS), a program of the National Association of Home Builders. Certified individuals assess homes to identify and recommend modifications to prevent injuries from falls and other risks.According to the Centers for Disease Control (CDC), one-third of Americans age 65 and over fall each year. The CDC adds that environmental factors lead to about half of all falls that occur at home. In addition to tripping hazards and poor lighting, these factors include a lack of needed modifications, such as bathroom grab bars, handicapped showers, stair railings and ramps. The organization offers a checklist to make sure an older adult's home is as safe as possible.Home modifications help seniors maintain quality of life. They often prevent injuries that lead to a loss of independence and early admission to an assisted living or long-term care facility.The following are examples of commonly recommended modifications:Install grab bars for toilets and tubs and install a walk-in tub and/or tub seatRemove unnecessary throw rugs and fasten down rugs or floor runners to prevent slippingMove furniture to create clear walking pathsKeep objects off the floor and coil or secure cords to the wall to prevent trippingReplace doorknobs with lever door handlesApply non-slip tape on uncarpeted indoor and outdoor stepsReplace standard light switches with rocker-style switchesIncrease the width of doorways and hallways to accommodate wheelchairs and, where possible, lower sinks and countertopsMove often-used items to lower cabinets to avoid the need for step stoolsRepair or replace loose handrails and install adequate lighting in stairwaysInstall an elevator or chair liftInstall an elevated dishwasher or one with drawers for easy accessReplace old stoves with induction cooktops to help prevent burnsReplace ceramic tile floors with hardwood or vinyl for safe standingShedding Light on Home ModificationWhen modifying a home for a senior, don't forget the importance of good lighting. Seniors need two to three times as much light in order to see as well as younger people.Good lighting -- in the form of natural light -- provides seniors safety and other advantages:Sunlight provides a good dose of vitamin D, which helps the body absorb more calcium to strengthen teeth and bones. Choose window treatments that let in sunlight, without glare, to enhance the health of seniors, many of who get outside less than they used to.Daylight also improves psychological health. It lessens the energy-zapping effects of Seasonal Affective Disorder (SAD) and other forms of depression.
American In-Home Care LLC is a leading provider of customizable and affordable in-home care services in Florida. With a focus on senior home health care, we offer a range of services tailored to meet the unique needs of each individual. Whether you require companion care, personal care, live-in or 24-hour care, Alzheimers and dementia care, post-operative care, skilled nursing, or respite care, our dedicated team is here to help.We understand the importance of finding the right care provider for your loved one, which is why we take the time to match our clients with caregivers who are not only qualified but also compassionate and dedicated. Our testimonials and reviews speak to the high level of care and attention to detail that we provide.At American In-Home Care LLC, we care about you and your family, and we strive to make the process of finding quality in-home care as seamless as possible. Contact us today to learn more about what to expect when you choose us as your care provider. Our experienced Client Care Liaisons are here to help you every step of the way.Contact us for a Free Consultation with a local Care Liaison. We help clients live at home by matching them with the best referred Care Providers for their situation, we guarantee it. Services can include Companion Care, Personal Care, Live-in Care, Alzheimers Care, Respite Care, and Assistance with Daily Activities.
American In-Home Care LLC is a leading provider of customizable and affordable in-home care services in Florida. With a focus on senior home health care, we offer a range of services tailored to meet the unique needs of each individual. Whether you require companion care, personal care, live-in or 24-hour care, Alzheimers and dementia care, post-operative care, skilled nursing, or respite care, our dedicated team is here to help.We understand the importance of finding the right care provider for your loved one, which is why we take the time to match our clients with caregivers who are not only qualified but also compassionate and dedicated. Our testimonials and reviews speak to the high level of care and attention to detail that we provide.At American In-Home Care LLC, we care about you and your family, and we strive to make the process of finding quality in-home care as seamless as possible. Contact us today to learn more about what to expect when you choose us as your care provider. Our experienced Client Care Liaisons are here to help you every step of the way.Contact us for a Free Consultation with a local Care Liaison. We help clients live at home by matching them with the best referred Care Providers for their situation, we guarantee it. Services can include Companion Care, Personal Care, Live-in Care, Alzheimers Care, Respite Care, and Assistance with Daily Activities.