Among the baby boomer generation, a senior turns 65 years old every 8 seconds—that comes out to nearly 4 million people that enter into the average retirement age each year. Because the cost of long-term care is constantly increasing, the average age for retiring is increasing as well. In fact, many industry professionals predict that the retirement age will increase to 70 years old within the next decade. However, the good news is that there are more and more resources becoming available to help seniors fund their long-term care expenses and maintain their lifestyle. One of the most effective ways to help them do so is a life settlement.

Not only is the retirement age increasing, but life expectancy for the average American is beginning to climb as well. This means that retirees will have to spread out their savings for an even longer period of time. In addition, the longer an individual is expected to live, the longer their life insurance premium payments extend. In order to combat both the issue of high insurance premiums and low retirement savings, a life settlement may be a very viable option for seniors these days.

In this case, selling a life insurance policy would not only eliminate high premiums, but the policyholder would also obtain a lump sum of money that may be put toward their long-term care expenses or used toward anything else.

According to a recent survey mentioned in an article published by USA Today, 73% of Americans don’t even have a retirement savings fund. This is largely due to the fact that most individuals don’t have extra money to set aside or fail to sit down and develop a solid savings plan.

Upon retiring from their long-term jobs, most retirees are forced to rely on a fixed income, which may consist of a savings account, a pension, and social security. Often times these limited sources of income are not enough to allow seniors to keep up with all their expenses or live comfortably. As a result retirees are often forced to seek additional income, usually by working well past their retirement. It is because of this that industries such as the life settlement industry and the reverse mortgage industry are beginning to thrive now, more than ever. A life settlement provides retired seniors a way out of financial hardship and lifts the burden of high premiums.

Even though the selling of a life insurance policy could be a lifesaver for many retired seniors, the fact of the matter is that many of them are not equipped with the knowledge and information to enter into a life settlement agreement. Because of this, it is important that insurance agents and financial advisors take the time to educate retirees on the life settlement process and get them connected with a reliable life settlement brokerage firm.

For more information on the life settlement process including the preferred criteria, click here