Imagine finding a solution to the looming retirement challenge as the Baby Boomer generation starts turning 65. In 2013, a staggering $639 billion worth of life insurance benefits were forfeited or let go, and 88% of Universal Life policies were given up before any claims were made.
Instead of losing out on this money, seniors could sell their life insurance policies in the secondary market. Professional investors can pay upfront for the rights to the future death benefit.
By avoiding these losses, seniors could gain at least eight times more than what insurance companies offer as surrender value. This boost could give them financial stability, extra income to maintain their lifestyle, pay for medical expenses, and even enjoy vacations.
The U.S. Supreme Court has ruled that life insurance is an asset that can be sold like any other commodity. With around 92 million people expected to be over 65 by 2060, a new and more hopeful retirement scenario is on the horizon. Selling their life insurance policies could provide many seniors with the financial independence they need for a secure and fulfilling life.