GWG Life announced recently its support of Federal legislation allowing seniors to use life insurance proceeds for long term care costs tax-free. The proposed legislation would save billions for taxpayers and improve the quality of life for millions of seniors.
H.R. 7203, introduced by U.S. Representatives Kenny Marchant (R-TX) and Brian Higgins (D-NY), would permit seniors, regardless of their health status, to use life insurance policies they already own to fund a wide range of health care costs, including long term care expenses and long term care insurance premiums.
“I am thrilled to see the concept we have pioneered being put into legislation,” said GWG Life Executive Vice President Chris Orestis. “Seniors who have felt they had no choice but to lapse a life insurance policy to qualify for Medicaid now have an option that can improve their lives in their final years. This is an important step toward finding solutions to the long term care crisis this country faces.”
Supporters of H.R. 7203 believe it has widespread, bipartisan support as a solution to the growing cost of senior care in the country that cuts the costs of a massive taxpayer-financed government program. The bill has been referred to the House Ways and Means Committee on which Marchant and Higgins serve.
GWG Holdings, Inc. (Nasdaq: GWGH), the parent company of GWG Life, Life Epigenetics and YouSurance, is a leading provider of liquidity to consumers owning life insurance policies, an owner of a portfolio of alternative assets, and the developer of epigenetic technology for the life insurance industry and beyond. GWG Life provides value to consumers owning illiquid life insurance products across America, delivering them more than $564 million for their policies since 2006. GWG Life owns a life insurance policy portfolio of $1.96 billion in face value of policy benefits as of September 30, 2018. Life Epigenetics is commercializing epigenetic technology for the life insurance industry and beyond. YouSurance, a digital life insurance agency, is working to embed epigenetic testing into life insurance purchasing to provide consumers a value-added ecosystem that supports their health and wellness while reducing the cost of their insurance.