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 have an understanding of the market.
Life settlements benefit both the client and financial advisor, so it is unfortunate that there is not more awareness. Policy owners who no longer require their policy can sell it to receive cash payouts that can immediately improve their retirement. Financial advisors also have the opportunity to save their clients from unnecessary financial loss. Even insurance companies win by continuing to receive premium payments after the policy would have otherwise been lapsed.
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.