Renee McDowell Posted over 2 years ago Life Insurance Policy Conversions To Cover Long Term Care Expenses It's actually more than that George. They can get more than the cash surrender value. Even term insurance group insurance and life insurance policies with no cash value whatsoever may have a hidden value. Literally billions of dollars are thrown away each year by seniors. Sometimes to qualify for Medicaid when a long term care benefit plan could convert to payments to actually keep them off Medicaid and choose the rural nursing homes that they want.