Baby boomers appear to be taking a second look at their life insurance policies as an alternative financial solution to paying for retirement, where they sell an unneeded life insurance policy for a portion of the face amount. These transactions, known as life settlements, have become a mainstream practice 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, 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 expressed concern they will have to continue working past the age of 65.
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