Swooping in to save your client from making financial mistakes is your job as their advisor. However, do you know the value of all their assets, including their life insurance? While life insurance is often overlooked as an asset, it could be the most valuable asset your client owns. And a life settlement can unlock that value to help your senior client fund other areas of retirement.
Life insurance is often an unknown asset.
Many people are unaware that life insurance is considered an asset. And as such, it can be appraised and sold much like a house or a piece of art. Your clients could be unaware of this exit strategy, causing them to pay expensive premiums to keep their policy. If your senior clients (or their adult children) are funding long-term care or costly medical procedures, these premiums can become crushing. Due to the lack of knowledge surrounding life insurance, many individuals decide to surrender or lapse the policy.
A life settlement can turn an unnecessary cost into a source of income.
If your clients no longer want or need their life insurance policy, they may qualify for a life settlement.
Ideal qualifications are:
- Universal or Convertible Term policy
- A decline in health since the policy issue
- Minimum of $100k in face value
- Aged 70 and older (younger if major health impairments exist)
If your client meets some of these criteria, contact a life settlement broker such as Ashar Group. Ashar uses its proprietary five-step process to determine the fair market value for our client’s policies. This five-step process gives you and your client a robust understanding of what the life insurance policy is worth.
When your client receives an offer, you’ll walk them through it — explaining the details and benefits or drawbacks of each offer. Once your client has agreed to an offer, Ashar negotiates the details, contracts are signed, and your client receives a lump sum.
The funds are available to boost retirement savings, pay for medical treatments, or splurge on a trip around the world.
The funds belong to your client, so they can use the money for whatever they wish. Many people use the proceeds from a life settlement to fund retirement, pay for long term care, or make charitable donations.
No matter how your client utilizes the value created from a life settlement, after helping them through the process, you’ll be nothing less than their own financial Superman. If your clients have life insurance policies that are no longer needed or wanted, discuss the possibility of a life settlement. You can help your client turn an overlooked asset into cash. If you think your clients are ready to move forward, contact Ashar Group today!