If I have arranged for a life insurance policy to pay for my funeral and burial expenses, am I assured that it will be there to pay those expenses when the time comes? Not necessarily. If your policy has cash surrender value, that value may be an “Available Resource” to pay for your nursing home expenses unless the policy qualifies for an exemption. Make sure you get advice regarding this very important matter from a qualified Elderlaw attorney.
-Attorney Jack N. Alpern