New Insurance Option Helps Protect Assets of Relatives in Assisted Living Facilities
Families can get insurance to help protect the assets of relatives in assisted living facilities through the Chubb Group of Insurance Companies.
Under Chubb’s Masterpiece® assisted living care option, policyholders can help protect the assets of parents or grandparents in an assisted living facility, children or siblings living indefinitely in a mental health care facility or any relative who requires continuous and indefinite residential care.
“Moving loved ones into an assisted living facility is a difficult decision that can expose them to new risks, such as theft and damage of personal belongings, identity fraud and personal liability,” said Peter Spicer, communications manager for Chubb Personal Insurance.
According to U.S. Census figures, about 6.5 million older people need assistance with daily living activities. That number is expected to double by 2020.
And according to a nationwide survey of more than 1,000 people conducted by Opinion Research Corp., 62 percent of respondents are very concerned that a relative living in an assisted living facility or nursing home could become a victim of theft. Sixty-seven percent are very concerned the family member could become a victim of a scam or identity theft, and 51 percent are very concerned that he or she could become involved in a physical or verbal altercation.
“It’s never easy to entrust the care of loved ones to an assisted living facility,” Spicer said. “Our new option gives families peace of mind by offering coverage for loss to their relative’s property and asset protection from liability exposures.”
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Posted by admin
on Feb 6 2009. Filed under Senior Living News.
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