Sanborn Consultants "Insurance with a Heart"
Call 860-448-2243
lorraine@sanbornconsultants.com
We can help you complete your Life Insurance Puzzle.
Welcome to
Sanborn Consultants
Licensed in CT and RI
Interested in learning more about us?
One of the ways you can make some of your assets not count against you for Medicaid qualification is to prepay your funeral. You can do this by purchasing an insurance policy specifically designed to cover these sorts of final expenses. This policy will then be irrevocably assigned to either a funeral provider, or a trust that will hold the money and pay it out to whoever provides funeral services.
Continuing to hold onto a fully paid-up life insurance policy is not a wise decision:
A fully paid-up policy, with a cash value of more than $1,500.00 is a countable asset and the total amount can be confiscated by Medicaid or a nursing home. Your existing insurance policy can be EXCHANGED - via a process know as a '1035 Exchange' – with no reduction or loss of any benefits or value already earned - into a new policy that will be placed into, and owned by, your 'Irrevocable Funeral Trust'.
This will prevent your funds safe from confiscation by any entity (Nursing home, Doctors, Hospitals, etc). Your final expense monies are guaranteed to be there when you need them.
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