GWG Holdings, Inc. (Nasdaq:GWGH), the parent company of GWG Life, announced it is partnering with Long-Term Care Resources to roll out the LifeCare Xchange (lcx.gwglife.com), a suite of innovative financial solutions that will help address the long-term care needs of aging Americans.
Already a leader in the life insurance secondary market, GWG Life introduced the LifeCare Xchange in 2017 to offer seniors alternative uses for life insurance policies to address the costs of retirement and long-term care. GWG Life specifically designed the LifeCare Xchange in response to the issue of Americans’ failure to plan for the cost of long-term care, one of the most potentially devastating financial challenges families are facing.
“Failure to plan for long-term care is one of the hidden dangers of retirement planning,” said Chris Orestis, GWG Life’s Executive Vice President of Life Insurance Secondary Markets. “While 70 percent of Americans will use some form of long-term care during their lives, Associated Press-NORC Center for Public Affairs Research shows that only 35 percent have set aside money to pay for long-term care needs. The LifeCare Xchange solutions provide a solution to help pay for care at the time it’s needed.”
As a leader in the life insurance secondary market, GWG Life has specialized in turning life insurance policies into assets that can be used for a variety of needs in retirement. In creating the LifeCare Xchange, GWG Life is focusing on retirement and long-term care funding, eliminating premium payments, and in many cases, providing a tax-free benefit exempt from Medicaid spend-down requirements that can be used for health care and senior living expenses.
Long-Term Care Resources (LTCR) is a national insurance agency and marketing company dedicated to Long-Term Care Insurance and the association member market. LTCR’s 650 affiliate-marketing partners such as alumni associations, military groups, and professional associations representing over 25 million Americans. Through LTCR’s national network of LTC Specialists, clients are able to obtain funding solutions for long-term care and compare multiple LTCi plans from the top carriers in the market.
“We come into contact with a lot of people who are dealing with long-term care issues within their families. The LifeCare Xchange products provide us with additional solutions to help our members and their families, and are an excellent fit in our new family-focused LTCRplus program of funding solutions and services,” said Rick Leonard, President, Long-Term Care Resources.