What you can (or should) do about increasing premiums

It’s time to face the facts: the cost life insurance premiums have been increasing for decades. Not only does this lend financial burden to policyholders, but also creates legal burden and overall headache. In the past, life insurance policies were sold with the “promise” that it would stay as it. This agreement, however, is broken more often than not. As these prices continue to spike, what can seniors living on fixed incomes or retirement funds do today to take control of their policies?

Currently, insurance companies tell policyholders that they have three options: to pay higher premiums to keep their current death benefit, to maintain the same premiums but surrender some of their death benefit or surrender the policy completely back to the insurance company for its cash value. However, there may be another option these companies are not sharing with policyholders: selling.

Work with your financial advisor to evaluate your current life insurance policy because, don’t forget that it is personal property. You have the right to sell it like any other asset in your portfolio. Is it affordable? Is it fluctuating? Consider selling the policy to a third-party investor for immediate cash payments (known as a life settlement transaction). Policy owners of 70+ typically own policies that can earn more than 7x more than the surrender value of your policy.
Learn more about life settlement transactions and what thay have done for current policyholders at  genesislifesettlements.com or email us directly to talk one-on-one with a Genesis advisor.