No matter how much someone plans for retirement, if the need for long term care arises, it’s very possible that a person’s savings just won’t cut it. Approximately 12 million Americans currently require long term health care and statistics show that about 70% of seniors 65 and up will need the care eventually. At an average cost of $7,300 per month to live in a nursing home facility and about $3,800 to hire a home health aide, seniors simply may not have the necessary funds to cover the costs. In addition, long term health care costs are expected to grow exponentially in the coming years.
With increasing costs and no means of income, seniors need to be educated on how to turn their life policies into immediate cash relief. Seniors should be encouraged to ask their financial advisors about their options to sell their policies and financial advisors should be prepared to assist them.
For many policyowners, education is the key to making decisions that will maximize their assets and provide for their financial goals. To learn more about life settlements and how to offer this valuable option to your clients, visit genesislifesettlements.com or email us directly to talk one-on-one with a Genesis advisor.