February 15, 2020
New data from the Department of Health and Human Services shows that in 2018 there were over 282,000 cases of elder abuse reported. Among the types of abuse reported were neglect (37,677 cases), financial exploitation (33,685 cases), emotional abuse (25,321 cases), physical abuse (20,406 cases), and “other” (17,606); but the largest category unfortunately was self-neglect which eclipsed the preceding five categories combined at 144,296 cases reported. This startling figure has been on the rise in recent years, and these were only the cases which were reported.
The causes of elder self-neglect range from illness, cognitive decline, the loss of a loved one, and a lack of financial resources. According to a 2009 study, after analyzing data from 10,000 seniors the study found that elder self-neglect is linked to a significant increase in the risk of premature death- as much as 15 times higher.
The good news is that there is a growing awareness of a funding option for seniors who own a life insurance policy. Life settlements are growing in popularity, as a way for seniors to sell a life policy they no longer want or need and help provide funds for the care and services that they may need. This option has helped many seniors pay for services like in-home care, assisted living, and nursing home care.
A life settlement is a regulated transaction, so be sure to speak with a life settlement broker or provider who is licensed in your state. Or give us a call and one of our experts would be happy to answer your questions!