A viatical settlement is the sale of a life insurance policy by the policy owner before the policy matures. Such a sale, at a price discounted from the face amount of the policy but usually in excess of the premiums paid or current cash surrender value, provides the seller an immediate cash settlement. Similar to reverse mortgages, viatical settlements involve insured individuals with a life expectancy of less than five years. In countries with high health care costs (such as the United States), this is a practical way to pay extremely high health insurance premiums and other senior care expenses that severely ill people face. Some people are also familiar with life settlements, which are similar transactions but involve insureds with longer life expectancies (two to fifteen years). - From Wikipedia and other sources 5/2007Preston Place Retirement Community Breaks Ground for Addition to Community Center
Plano, TX (PRWEB) January 19, 2008 -- The ceremony featured an official unveiling of the rendering of the new addition in front of the construction area. Assisting with the groundbreaking was Plano Mayor Pat Evans; Plano City Manager Tom Muehlenbeck; and Brad C. Shanklin, IOM, President & CEO, Plano Chamber of Commerce, among others.
Built on the site of largely unused tennis courts at the active, independent senior community, the total square footage of the combined buildings will exceed 12,000 square feet and will be one of the largest amenity centers in any retirement community in the Metroplex.
Among the features of the new building will be a coffee bar, computer lab, billiards room, ballroom, theatre, party room, a much-enlarged exercise facility and outdoor decks.
According the Brian Bergersen, president of Spectrum Properties Ltd., owner of Preston Place, "The tennis courts no longer appealed to our residents, so we decided to dramatically enlarge the Veranda to allow more amenities. We had a difficult time fitting all of our residents in the existing building for programs, dances and events, but now there will be plenty of room for any use."
Preston Place, located at 5000 Old Shepard (at Preston Road) in West Plano, is one of three premier retirement communities owned and managed by Spectrum. The other two are Meadowstone Place, just west of Central Expressway at Walnut Hill in North Dallas, and Parc Place, at the Airport Freeway and Bedford Road in Bedford.
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