June Xplained: Webinar This Week PLUS It's Life Settlement Awareness Month
Upcoming Webinar: Understanding LifeCare Xchange®
Thursday, June 13
10 to 10:30 a.m. PDT | 12 to 12:30 p.m. CDT | 1 to 1:30 p.m. EDT
This webinar serves as a primer to effectively add the service of life settlements into practice as a potential new profit center. You will learn how to do this with ease through GWG Life's LifeCare Xchange® program.
June is Life Settlement Awareness Month: Develop a New Profit Center in your Practice
The insurance industry just isn’t what it used to be. Thriving in today’s market requires adaptability, responsiveness, and creativity. Advisors know they need to add innovative solutions to their toolbox as market conditions continue to evolve at a rapid pace. Those able to identify and harness market opportunities put themselves in the enviable position of creating new profit centers for their business.
When was the last time you were offered the keys to a new market? One such market opportunity has emerged that serves critical financial needs across generational lines of both seniors and Baby Boomers. This market is accessed with no cost for advisors or consumers by monetizing a life insurance asset the consumer already owns through a life settlement.
Many seniors own life insurance policies that, after years of making premium payments, they will lapse or surrender without realizing their policy is actually an asset that has secondary market value. Unfortunately, too few policy owners understand this fact, and as many as 9 out of 10 universal life insurance policies will be abandoned before paying out a death benefit. For the senior market, this opens up a significant market opportunity: according to a Conning and Company study, $185 billion of death benefit is owned by seniors on an annual basis that could be exchanged in the secondary market for a new living benefit or cash instead of being lapsed or surrendered.
VIDEO: What is the Evolution Of The Life Insurance Secondary Market?
This video provides a brief overview of the historical background of the life insurance secondary market and how policy holders can use their life insurance policies as an asset with living benefits.