ST. LOUIS, Nov. 20, 2013 /PRNewswire/ -- America's First Financial announced today the introduction of a new Long-Term Care Benefit Plan to its national network of Insurance Marketing Organizations, Brokers, Agencies and Advisors across the United States. This new option for funding long term care is the actual conversion of a life insurance policy into a Long-Term Care Benefit Plan to pay for the costs of any form of senior care including: Homecare, Assisted Living, Nursing Homes, Memory Care, and Hospice.
The Long-Term Care Benefit Plan is an accepted form of payment with every long term care service provider in America, but it has not been available to licensed agents until now. There has been a great deal of press coverage and growing political support spreading across the country to make sure consumers are notified about their right to use a life insurance policy to pay for any form of senior care. Specifically, consumer groups, political bodies and state governments have endorsed this approach to funding long-term care. That is because the Benefit Plan gives seniors an alternative to abandoning a life insurance policy, allowing them to remain private pay as long as possible while delaying, if not outright eliminating, the need to go onto Medicaid. In 2013, ten states introduced consumer disclosure laws supporting this approach to fund Senior Care.
Founded more than 50 years ago, America's First Financial Corporation (AFFC) is an independent wholesaling firm distributing a wide variety of insurance products. Over 3,000 registered representatives, insurance agents and brokers currently use AFFC's products and services. Don Quante, President of AFFC is also the Founder and President of MillionDollarAdvisor.com; the author of the book, Don't Go Broke in a Nursing Home; and he has conducted more than 500 public workshops and trained over 1,800 advisors. Most recently, AFFC's efforts have been centered on educating independent agents, advisors, RIA's and Broker/Dealers about the importance of new alternative long-term care products now available.
"The families we work with everyday are facing tough financial decisions about how to pay for long-term care," said Don Quante, "unfortunately millions of seniors' lapse or surrender their life insurance policies for little or no value because they do not know they have the ability to convert a policy to pay for their choice of senior care."
"A Long-Term Care Benefit Plan is not long term care insurance, an annuity, or a policy loan-- it is the conversion of a life insurance policy into an FDIC-insured, irrevocable benefit account with payments made monthly directly to their care provider," said Don Quante. "We are excited to provide seniors with an alternative use for a life insurance policy that will help them address an immediate need to cover the growing costs of long-term care."
Video with caption: "How Do People Pay for Long-Term Care? This Video explains the Long Term-Care Benefit Plan and how people can convert a life insurance policy into an immediate Benefit Account to make monthly payments towards any form of senior care they want." Video available at: http://origin-qps.onstreammedia.com/origin/multivu_archive/PRNA/ENR/FX-NE20718-20131120-1.mp4
America's Frist Financial
SOURCE America's First Financial