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Why Seniors Sell
Why Seniors Sell
Life insurance is an important investment in many seniors’ portfolios and business strategies.
There are 38 million insurance policies owned by American seniors over the age of 65, which have a collective face value of more than $3 trillion.
An astounding $100 billion+ in face value of life insurance is lapsed or voluntarily surrendered each year by seniors over 65.
There are numerous reasons to consider selling a life policy:
- The premiums are no longer affordable
- The need to replace lost income in case of death of the insured no longer exists
- The need for funds to pay estate taxes no longer applies
- There is a need for resources to pay for health expenses and long term care
- Funds are wanted to improve a retirement lifestyle
- There is no longer a business need
- There is no longer a need for Buy/Sell agreement funding
- A 2010 survey prepared for the Insurance Studies Institute indicated that 90 percent of seniors who have let a policy lapse would have considered selling it if they had known a life settlement was an option.
- A 2013 study prepared for The Lifeline Program (conducted by ICR) indicated that 55 percent of seniors allowed their life insurance policies to lapse, viewing it as a liability instead of an asset.
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