Imagine a way to tackle the retirement challenge as the Baby Boomer generation hits 65. Back in 2013, a staggering $639 billion in life insurance benefits were either abandoned or given up, and an astonishing 88% of Universal Life policies were surrendered before they were claimed. According to The Wall Street Journal, you could actually sell the policy on the life-insurance secondary market where a professional investor would pay you upfront for the rights to the future death benefit.
By doing this, seniors could avoid the losses associated with life insurance and potentially earn at least eight times more than what the insurance companies offer as surrender value. This extra money could provide them with financial stability, help maintain their lifestyle, cover medical expenses, and even fund vacations.
The U.S. Supreme Court has ruled that life insurance is an asset that can be sold just like any other commodity. With around 92 million people expected to be over 65 by 2060, a new and more positive retirement scenario is taking shape. Selling their life insurance might just be the way for many seniors to achieve the financial independence they need for a secure and fulfilling life.