How many seniors are willing, let alone able, to afford to keep such a policy in force?
Changes in economic priorities for seniors: Most life insurance was purchased to provide family income protection in the event of the death of the insured. After the children are on their own, the need for this income protection diminishes and is often replaced by pensions and retirement savings. Increasingly, parents decide early on to spend money to provide children a quality education in lieu of a larger inheritance. Later in life, this often means continuing to pay premiums on unneeded, unwanted, and often under-performing life insurance. Six common uses for the proceeds from a life settlement are:1. Spend the proceeds from a life settlement to enhance life style,2. Gift the proceeds from a life settlement to children so they have money earlier when it is most needed,3. Contribute the proceeds to charity,4. Invest the proceeds as part of a financial plan focused on life as a senior5.
Changes in economic priorities for seniors: Most life insurance was purchased to provide family income protection in the event of the death of the insured. After the children are on their own, the need for this income protection diminishes and is often replaced by pensions and retirement savings. Increasingly, parents decide early on to spend money to provide children a quality education in lieu of a larger inheritance. Later in life, this often means continuing to pay premiums on unneeded, unwanted, and often under-performing life insurance. Six common uses for the proceeds from a life settlement are: 1. Spend the proceeds to enhance life style, 2. Gift the proceeds to children so they have money earlier when it is most needed, 3. Contribute the proceeds to charity, 4. Invest the proceeds as part of a financial plan focused on life as a senior, 5. Use the proceeds to fund the cost of long-term care insurance or other arrangement to help offset the costs of special needs in the event o
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- How many seniors are willing, let alone able, to afford to keep such a policy in force?
