Ingenious Seniors Using Life Settlements to Fight Economic Woes - Los Angeles Post-ExaminerLos Angeles Post-Examiner

Ingenious Seniors Using Life Settlements to Fight Economic Woes

It is estimated that over 25 million American seniors are struggling to keep their heads above water when it comes to finances. This makes potential sources of income vital, yet many overlook life insurance policies.

The economic hardships that seniors are facing are very real and could definitely hurt what is supposed to be their golden years. The idea of looking towards a life insurance policy to make money seems unbelievable, but the reality is that it can actually be the solution many of these individuals have been looking for.

Why are Seniors Struggling?

Seniors are struggling financially for a number of reasons; perhaps one of the most pressing is rising health care costs. It is obvious that health care is pricey in the United States, making things worse for seniors who are barely making ends meet. Insurance does not cover some of the issues these individuals go through simply because they were pre-existing.

Other seniors are starting to have trouble affording a place to live. Sure, there are a few communities offering homes to seniors at discounted rates throughout the country, but that does not mean the prices are affordable. The income some seniors receive is sometimes not enough to keep up with the rising cost of living. This is no doubt hurting this older generation, making it hard to live.

Seniors Fighting Back With Life Settlements

Yes, there are a number of seniors finding ways to fight these financial woes. Some are working additional jobs or gigs; for example, some are joining the growing force of drivers working in the ride-sharing industry. Other seniors are simply not making it, forcing them to be homeless.

Homelessness is a real crisis, but it is one that can be avoided with the right information, resources, or an inventive mind; for example, there is a good chunk of seniors joining the senior home sharing world. These individuals get to share a home, avoid homelessness, and save some cash. Still, one of the most freeing options some seniors have is the life settlement.

This industry has been steadily growing over the last few years and has been giving seniors a leg up during their golden years. Many seniors have life insurance policies that no longer serve them. Perhaps some seniors purchased the insurance to ensure that their children or spouses were well off should something happen to them, but that is no longer necessary.

Before the life settlement industry came about, seniors would simply have to give up the insurance without getting anything in return, but that is no longer the case. Seniors can actually sell their life insurance policy to brokers who are interested and willing to give a fair price. Savvy seniors understand that their policies are worth money, so they definitely talk to a few brokers to see who gives them the most for their policies.

Granted, the policies need to qualify, so it is important for seniors to read that fine print to make sure they can sell their policies. For the most part, the policy is going to be valuable if the senior has been keeping up with payments.

The sum that seniors end up winning from these settlements is substantial, opening up all sorts of opportunities for seniors. This is the reason it is suggested that seniors who have recently sold their policies or are thinking of it to contact money management professional. A financial advisor can help not only save the money but also invest it to possibly create an additional stream of income. Hopefully, word of mouth helps more seniors tap into this resource so that they do not have to struggle as much as some people have.


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