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STUDIO CITY (CBS) — Scott Page, CEO of The Lifeline Program, visited KCAL9 Thursday to talk about new options for retirement planning.
Company spokesperson Betty White, appearing in a YouTube music video with over one million hits, comments, “It’s the hottest program for spicing your golden years.” White recently celebrated her 90th birthday and was honored with a SAG Award as “Best Female Actor in a TV Comedy Series.”
Page shared the following facts:
• A life settlement is the sale of an existing life insurance policy by an elderly policyholder, for more than the current cash surrender value. A settlement is a unique alternative to surrendering a policy or letting it lapse and can be offered on term, whole or universal life policies.
• A life settlement helps seniors and boomers take unwanted life insurance and turn it into cash.
• A settlement can help fund retirement, pay bills and improve quality of life.
• Young people should know about life settlements. Boomers should be planning for them. And, seniors should be talking to their financial advisors about them.
• 44% of Americans born between 1946 and 1965 are not confident that they’ll have enough money to live comfortably in retirement.
• More than half (57%) of boomers say they lost money during the recent economic downturn, and many who were affected (42%) say that’s why they’re delaying their retirement.
• While more than half (55%) of boomers say they have at least some confidence that they will have the financial resources to live comfortably during retirement, only 11% are deeply confident that they are financially prepared.
• Baby boomers are the best insured generation of Americans of all time.
• For seniors, a life insurance policy that costs a few hundred dollars per year to keep in force may be worth hundreds of thousands of dollars once they reach age 70, when a life insurance settlement becomes a viable option.
• Policies with a face value of $250,000 or more can be sold at that time and provide an immediate financial lifeboat.
• Clearly, we are a country in crisis, and we believe that seniors and boomers need to review their financial options and take a fresh look and approach at funding their retirement. For some, a normal retirement may be out of reach, but for others, life insurance and life settlements may provide an answer.
• Prior to life insurance settlements, unneeded or unwanted insurance was allowed to lapse and most of the value of the policies was lost. Life settlement companies are currently looking for individuals with policies that match these and other circumstances.
For more information, visit The Lifeline Program.