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Betty's Corner


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More boomers selling life insurance plans to fund retirement

phillyburbs.com

The difficult economic times are causing more and more baby boomers to look at all their options as they approach retirement age.

And it seems like more individuals and couples are beginning to take an unconventional approach to funding their golden years through the sale of life insurance policies.

These transactions are known as life settlements, which provide boomers with funds totaling more than the insurance plan's cash value and less than its face value. This allows for individuals to sell a policy and receive a cash payment without having to surrender the policy or have it lapse.

In a survey conducted by International Communications Research, 79 percent of respondents felt that their insurance professionals and financial planners should be informing clients about life settlements as a means to fund retirement.

"Many people didn't know selling their life insurance policy was even an option, however, boomers are demanding more education from their financial advisors," said William Scott Page, president and CEO of The Lifeline Program, a leading life settlement provider.

Beloved actress Betty White works as a spokeswoman for the Lifeline Program and her involvement in a viral video for the company titled "I'm Still Hot" has over 900,000 views.

Considering a life settlement can provide future retirees with another option for financing their futures. Of course, this type of financial decision may not be best for everyone and each individual or family should weigh their options and seek the advice of a financial advisor before making major money decisions.


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