Did you know ninety percent of seniors who lapsed a life insurance policy would’ve considered a life settlement if they’d been aware of that option? Yet 65 percent of financial advisors have never recommended a life settlement to a client. However, they say they would do so under the right circumstances.
More than $100 billion face value of life insurance is lapsed by seniors over the age of 65 every single year. This is mostly due to a lack of education surrounding selling an unneeded or unaffordable policy.
Enter life settlements.
A life settlement is a strategy for helping your client hold on to some of the benefits versus surrendering everything back to the insurance company.
The key component to understanding this disconnect may be that most financial advisors simply don’t have enough information on how to their clients’ life insurance policy as an asset. These policies have a strategic purpose, like all other assets, in addition to costs and benefits, and can be sold by the client if the asset is no longer serving its purpose.
For many policy-owners, 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.