Financial Planning for Elderly with Cognitive Decline
Helping elderly parents or older adults with financial planning is a reality for many people. Making plans in advance is essential in staying proactive while avoiding many problems. Unforeseen health issues can make it nearly impossible to pay the bills from their checking account if the son or daughter doesn’t have the authority to disburse […]
Interest in Life Insurance Grows as Applications Increase
The number of people 71 and older buying universal life insurance continues to rise in the United States. According to an activity report from MIB Group, the individual life insurance application volume went up by 11.7% from April 2020 to April 2021. Life insurance application activity also experienced an increase of 18.5% in March 2021. […]
Term Life Insurance Conversion Option and Life Settlements
Many senior clients over 65 years of age aren’t aware that a term life insurance policy (if convertible) can be sold on the secondary market for a significant cash payment. Using this strategy can be an effective method for qualifying seniors that don’t need the coverage but are looking at ways to optimize the monetary […]
Life Settlements as a Hedge Against Inflation
For agents and advisors who are under 50, the term “inflation” does not have a huge meaning beyond the textbook definition. Most folks from Generation X and younger did not experience the specter of inflation that haunted the 1970s – but their clients did. Many baby boomers, who are prime life settlement candidates, were coming […]
Older Seniors Increasing Factor in Life Insurance Applications
According to the latest stats from MIB Group Inc, consumers 71 and older continue to remain active in the individual life insurance policy application market in the United States. The activity report for new individual life applications highlights trends across all age groups. Understanding these various aging population trends is important in keeping up with […]
Millennials Depending on Boomer Parents for Financial Assistance
The skyrocketing prices of houses across the country are making it difficult for millennial first-time home buyers. Saving up enough money for home buying isn’t easy for most millennials, as many need financial assistance from their baby boomer parents. The high demand for new homes and the limited supply force many kids of the baby […]
Life Settlement Transaction Safety
Many older Americans need extra cash and selling a life insurance policy through a life settlement is an excellent way to gain more money. However, some potential clients may have a few questions about life settlement risks. Understanding how to secure life settlements is essential before selling your life insurance policy. Fortunately, a life insurance […]
Excess Deaths in 2020, 2021, 2022 and Life Insurance Actuarial Science
Life insurance companies globally paid out $5.5 billion in claims related to COVID-19 throughout the first nine months of 2021 while paying out $3.5 billion for the entire year of 2020. Many in the insurance industry expected lower payouts due to the availability of vaccines. However, the death increase was primarily due to the Delta […]
Financial Advisors – When Markets Are in Turmoil, New Evaluations are Vital
Dealing with stock market turmoil is often unsettling, especially if your clients plan for retirement. However, life insurance coverage can play a crucial role for anyone planning to retire. Periodically reviewing the life insurance policies of your clients can help you determine if everything is on track or if you need to adjust their policy. […]
Do I Have to Pay Taxes on Life Insurance Settlement?
Trying to interpret various tax codes isn’t an easy task for most people. This is especially true with a life settlement tax. Several changes by the IRS even further complicates matters. Fortunately, the latest update is designed to simplify the entire process of working with life settlement companies. Life Settlement Tax Treatment Many people often […]
