When senior citizens with lapsed policies were asked why they did not choose a life settlement over surrendering their policy, 90% responded that they were unaware of the option to sell. In addition, of the advisors who were asked why they did not educate their clients on life settlements, 50% responded that they did not
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While some may see it as unnecessary for wealthy individuals to own life insurance, there are three major reasons why it is just as important, the underlying reason being that life insurance is a financial tool. Many wealthy people lock up their assets in investments that cannot easily be converted into cash. If they die
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Research in 2008 shows that over $112 billion in universal, term, and whole life insurance policies is being lapsed annually. That number has only gone up since then due to senior citizens looking for ways to reduce their expenses in retirement by dropping their premiums. Financial advisors need to be aware of this issue and
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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
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There are plenty of resources available to help us save for retirement. While some are more involved than others, everyone should speak with a financial professional every so often to ensure a healthy track to retirement. The conversations are important because they not only inform financial status, but also help plan and achieve savings goals.
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Seniors who are looking to save often do so my downsizing their homes and lives. Less things, less money. However, there are other areas in your life to consider “downsizing” when looking to save: your life settlement policy! Many seniors simply don’t know that their life insurance can be sold or appraised like any other
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Many people believe they will never need long term care plans. Although we don’t like to discuss it often, the truth is investing in a life settlement is important as we grow older. The younger and healthier we are when we buy insurance policies, the lower the premium payments will be. Also, we have more
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Health care costs are rising at an undeniably alarming rate. More than 35% of Americans over the age of 65 rely solely on Social Security for their retirement and/or health care costs. To help alleviate this issue, consider the a life settlement option. For most American seniors, alternatives to their life insurance policies are unknown.
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Life insurance carriers such as AXA, Transamerica, ReliaStar, Voya America, Phoenix and Lincoln have already raised the cost of insurance (COI) on their Universal Life products, and more are on the way! Unlock hidden value now, before an expected or unexpected COI increase hits, with a traditional or retained death benefit life insurance settlement. A traditional life settlement
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Have you given thought to how you’ll pay for long-term care in your twilight years? Americans are living longer, and studies show that 70% of seniors will need intense long-term care at some point in their lives. According to the Bipartisan Policy Center, the average monthly cost for a nursing facility is $7,300, the monthly
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