According to a recently published Kiplinger article, American retirees are experiencing many unexpected changes during their retirement. The most notable include:
- Retirement funds are coming up short. The pandemic has convinced one-third of respondents to a poll that they need more funds for retirement. Some people have delayed their retirement date, some are saving more toward retirement, and about one-fourth of them are planning to work part-time during their “retirement.” In addition, 62% of retirees reporting having cut or planning to cut spending.
- Retirees are staying in the market. Most retirees reported that they have remained investors in the stock market, continuing to pursue their investment plan. However, about 20% of retirees say they have become more risk-averse.
- Wealthier retirees are bullish. Higher-income investors are increasingly bullish (positive) about the stock market and report “significant” increases in their portfolio’s value over the course of the pandemic.
One way to boost retirement funds is by selling an unwanted or unneeded life insurance policy in a life settlement. The life insurance policy may be too expensive for the benefits it provides or simply taken out at a time when your situation was different. All types of life insurance policies can be sold, including universal life, whole life, variable life, and term life. The size of the policy and the age and health of the insured factor into the value of the policy with older insureds (75 and older) and health-impaired individuals receiving higher values for their policies. Here is more detail on what factors impact the value of a policy. You can get an instant estimate of the value of your life insurance policy by visiting the Q Life Settlements calculator.
You can also call Q Capital at 866-679-9410 or email us firstname.lastname@example.org to discuss your situation. Our team is available and ready to explain to you all that you would want to know about life settlements.
Remember: Never abandon a life insurance policy without looking at the life settlement option first!