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Follow on Google News | More Seniors Becoming Aware Of Overlooked AssetMany seniors, along with their financial advisors, focus their estate planning around the proper management of different assets. However, it happens all too often that these seniors overlook one of their most valuable assets—their insurability.
By: Derek Wilsey For years now, seniors unaware of the value of life insurance have been cornered into accepting the often times appalling cash surrender value offered by insurance carriers. According to a 2006 Time Magazine study, 88 percent of universal life policies never pay out the death benefit. This statistic highlights how many seniors fail to realize that a life insurance policy is a form of property, and that policy owners are free to sell and transfer ownership to other parties. The sale of a policy to an unrelated buyer is known as a life settlement, or senior settlement. This concept is just now starting to be grasped by seniors across the country, as the already flourishing life settlement market continues to expand at record pace. According to the Congressional Budget Office, the number of people in the United States age 65 and over will roughly double by 2030. This places emphasis on the current stability and future need for the life settlement market. More and more seniors are now using their insurability as means of maximizing their estate plan or retirement income, and the ways in which they can do so are constantly being innovated. An industry leader in the secondary market, Milestone Providers LLC is always in search of ways to improve and extend the services they provide. Milestone is able to inform seniors of policy values prior to issuance, enabling potential policy buyers to compare and contrast several carriers against one another and choose the most valuable coverage available. “This gives tremendous leverage to individuals who don’t understand insurance products and how they’re priced, which often results in coverage being issued with the highest commission paid to the agent, and not the coverage with the most value as a long term asset” stated a senior analyst from Milestone. In addition to pre-issue valuations, Milestone also offers senior clients and advisors their insight into the secondary market by providing several resources for ownership structures which greatly aid in the transfer of a policy if a secondary market sale is ever to be considered. Milestone Providers, LLC has been involved in the life settlement industry since early 2003. Prior to market entry, the principals of Milestone conducted extensive market research and identified market inefficiencies and weaknesses. With significant systems build-out and the ability to handle high processing loads, Milestone offers clients the ability to realize quicker than average transaction times and efficient placement of funds. Founded upon the highest degree of ethical standards and an unrelenting desire to bring continued efficiency to the market place, Milestone operates under the slogan of “We didn’t create the life settlement market, we fixed it.” To learn more about Milestone, contact Matt Boaman at 888-877-5686, or email info@milestonesettlements.com for more information. End
Page Updated Last on: Jan 05, 2009
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