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 unexpectedly, life insurance can provide their families liquidity that would otherwise not be available right away.
- Estate taxes can be very expensive, so many wealthy people purchase life insurance as a plan to cover those costs after they pass away.
- Life insurance is an asset. Wealthy people understand that it has an intrinsic value and can be sold at any time with a life settlement.
Whatever your income level, life insurance policies are a financial tool that are just as much an asset as any other investment in your portfolio.
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.