ATLANTA--(BUSINESS WIRE)--Baby boomers appear to be taking a second look at their life insurance policies as an alternative financial solution to paying for retirement. Retirees can sell an unneeded life insurance policy for a portion of the face amount. These transactions, known as life settlements, have become mainstream in the past several years, particularly as baby boomers begin exploring all financial options to paying for retirement, including previously unconventional alternatives.
In a survey conducted by International Communications Research (ICR), an astounding 79% of respondents felt that their insurance professional and financial planners should be informing their clients about LIFE SETTLEMENTS as a means to fund their retirement (rather than letting policies lapse). And, more than half (55 percent) expressed concern they will have to continue working past the age of 65.
"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 Wm. Scott Page, president and CEO of The Lifeline Program. The leading life settlement provider commissioned International Communications Research to survey sentiments regarding retirement, life insurance and familiarity with life settlements among baby boomers.
The Lifeline Program survey results echo data the company published last year in a white paper, “How Life Insurance Can Save Your Retirement,” which discusses how boomers are ill-prepared for retirement. The new survey also suggests that boomer confidence in being able to retire at age 65 is waning. An Associated Press study last year reported 44 percent lacked confidence in being able to retire while the ICR study pegs that number rising to 55 percent.
Company spokesperson Betty White, appearing in a YouTube music video approaching one million hits comments, “It’s the hottest program for spicing up your golden years.” The 90 year “young” star recently celebrated her 90th birthday. Video and research at www.thelifeline.com.
Founded in 1989, The Lifeline Program offers life settlements and financial planning options to retirees. The company partners with insurance agents, broker dealers and financial planners to establish life settlement business lines. For more information on life settlements, contact Stephen Terrell of The Lifeline Program at 770-724-7300.
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