The Top 3 Investments for Retirees

by Joe Borowiec

Many hardworking adults look forward to the day when they can leave the rat race behind and retire. While retirement offers several perks, it also leads to new challenges. What you gain in free time, for instance, you often lose in income, and this can take a toll on your personal finances.

When the paychecks stop coming in, it’s beneficial to have an investment or two you can lean on for financial stability. Here are a few investments that can help you pad out your retirement savings without taking on undue…

Financial Planning for Seniors on Medicare

by Joe Borowiec

Medicare, the national health insurance program for seniors over the age of 65, is an essential resource for many older adults, and without it, a large portion of the population would suffer from a lack of access to affordable medical care. In 2018 alone,

When Should You Consider Survivorship Insurance?

by Joe Borowiec

Survivorship insurance, also known as joint survivor life insurance or variable survivorship life insurance, covers multiple people under one policy, making it an appealing option for spouses, parents and couples. You may also hear this type of coverage referred to as “second-to-die” insurance because beneficiaries don’t receive the benefit until both insured policyholders pass away.

Survivorship insurance is variable, meaning policyholders benefit from a cash value component in which a portion of each premium payment is put…

Finding Financial Relief After a Cancer Diagnosis

by Joe Borowiec

Combating cancer can be one of the most difficult challenges of a person’s life, and it is one that requires a great deal of mental, emotional and financial fortitude. Beyond the physical hurdles and side effects that coincide with most cancer diagnoses, there is the added hardship of paying for treatment.

Cancer takes place at the cellular level, occurring when abnormal cells develop and spread…

How Life Settlements Can Boost Your Portfolio

by Joe Borowiec

As a financial advisor or agent, you’re likely always on the hunt for ways to grow your client portfolio and expand your expertise. Until recently, life settlements were an oft-overlooked source of income for senior clients seeking financial relief.

Getting Ahead of the Curve

One reason life settlements have not been pursued in the past has a lot to do with public perception—or in some cases, misperception. In years past, the industry endured negative press coverage, causing policyholders to regard life…

5 Ways Adult Children Can Help Support Their Elderly Parents

by Joe Borowiec

In childhood, you depended on your parents not only for emotional support, but for sound reasoning and fiscal stability. As your parents near retirement age and walk away from the rat race, they will need you to return the favor, lending a helping hand in medical and financial matters that may be beyond their purview in an ever-demanding and evolving world.   

By providing them with…

Debt Management Strategies for Seniors

by Joe Borowiec

As a senior preparing for retirement, it’s a good idea to plan ahead so you can avoid losing your financial footing. Without a steady paycheck, it can be hard to handle medical bills, housing costs, everyday expenses and existing debt. According to the Survey of Consumer Finances, debt among…

Alternatives to Lapsing an Underperforming Life Insurance Policy

by Joe Borowiec

When you purchased your life insurance policy, it was probably a wise investment. Perhaps you had just gotten hitched, bought a new home or welcomed your first child into the family. These are all great reasons to capitalize on the safety, security and peace of mind a life insurance policy can bring. However, as you age, your life circumstances will inevitably change—and so will your insurance coverage needs.

A growing number of seniors are finding that their life insurance policies are no longer serving them, and for some, they’re…

Helping Your Senior Clients Navigate a Health Crisis

by Joe Borowiec

Whether you’re a financial advisor, estate planning attorney or certified public accountant (CPA), as an expert working on behalf of your clients, it’s your duty to provide them with all the information they need to make sound financial decisions. If you work with senior clients, you understand that their needs shift and evolve as they age. Seniors often require assistance navigating these changes so they can make tough judgment calls with confidence. 

What some financial gurus don’t fully understand is the life…

How Baby Boomers Can Make the Most of Their Retirement Funds

by Joe Borowiec

When it comes time to clear off your desk, bid your co-workers farewell and enter the next phase of your life, will you be financially prepared for retirement? According to countless national polls and research studies, many older adults are far…

3 Questions That Can Help You Decide If a Life Settlement Is Right for You

by Joe Borowiec

When it comes to matters of the wallet, it can be tough to know exactly which potential purchases or investments will work out in your favor. This is especially true of older adults who often are particularly vulnerable to nefarious schemes, scams and fraud. But even for seniors with limited financial acumen, there are safe options that promise monetary relief during times of need.

One option that’s growing in popularity among senior citizens is a transaction known as a life settlement. This type of transaction takes place on the…

To Buy or Not to Buy: When Should I Consider Life Insurance?

by Joe Borowiec

Life insurance promises peace of mind to policyholders and beneficiaries alike, and with the right plan in place, you can help provide for your loved ones even after you’re gone. The decision to purchase a life insurance policy is one that should not be taken lightly, as there are many insurance types, rates and contract provisions to consider and compare before you sign on the dotted line of any future policy.

Understanding the primary types of life insurance is a great place to start—once you’re comfortable with the basics,…

All for One and One for All: How Life Settlements Help Policyholders and Their Advisors

by Joe Borowiec

All for One and One for All: How Life Settlements Help Policyholders and Their Advisors

By Joe Borowiec

Until recently, many life insurance policyholders were completely unaware of the secondary market where life policies can be bought and sold—a transaction known as a life settlement. Others may have heard of life settlements, but only in a negative context. Years ago, life settlements were commonly considered risky for seniors vulnerable to financial predators. However, laws have since been enacted to augment…

The Basics of Viatical Settlements

by Joe Borowiec

If you suffer from an illness or chronic disease, you likely have a lot of pressing matters on your mind. You may be focused on getting treatment for your condition or arranging your finances and other personal affairs. Perhaps you’re preparing to move from your home to another location, such as a long-term care facility or nursing home.

Whether you’re living independently or under the care of your medical provider, one thing is certain: Healthcare expenses can be costly, and Medicare doesn’t necessarily cover every service or…

The Rising Cost of Elder Care

by Joe Borowiec

Lots of subtle shifts (and a few not-so-subtle transformations) are likely to take place as you get older, several of which will inevitably impact your overall quality of life. Everything from your health to the status of your social relationships can have an effect on your mental and physical wellbeing, and your personal finances are no different. In fact, AARP and other industry experts have revealed through countless surveys that

Why Are My Universal Life Insurance Premiums Skyrocketing?

by Joe Borowiec

Life insurance certainly has its perks: security, protection and a financially stable future for your loved ones. But all this stability comes at a price, and that price has been steadily climbing for some policyholders for many years. When premiums spike, it can put additional strain on seniors who may already struggle to make their monthly payments.

Several factors contribute to this trend, including changes that have swept the life insurance industry over the past few decades. Seniors who bought their life policies during the 1980s…

Creating a Post-Retirement Checklist for Your Client

by Joe Borowiec

With an average of 10,000 baby boomers turning 65 every day, the sheer number of seniors exiting the workforce and entering their retirement years is growing at a rapid pace. Another more worrisome statistic points to a lack of preparedness for this major life change: Just one in 10 boomers strongly agree…

Life Settlement Timeline: What to Expect and When

by Joe Borowiec

Aging out of the workforce and entering your retirement years can feel both exciting and unnerving—there are life events to plan for, funds to squirrel away for future needs and lots more life to live. This can make planning difficult, especially for those who need help assessing their personal finances or assets. Unsure of what possibilities to prepare for, many seniors never explore the full breadth of their financial options. 

A life settlement, defined as the payment you receive after selling your term, whole or universal…

Educating Your Clients About Their Life Settlement Options

by Joe Borowiec

If there’s one challenge facing financial advisers, life insurance agents and their clients alike, it’s a distinct lack of resources detailing how life settlements work. Without understanding your options—or the options available to your senior clients—it’s impossible to make informed decisions about the future.

To further complicate matters, life settlements fell victim to bad press during the market’s early years when it was still a nascent industry. Myths and misinformation took hold of the public’s perception, and…

Tax Laws and Life Settlements: What Policyholders Need to Know

by Joe Borowiec

Unless you earn a living as a CPA or bookkeeper, you probably find taxes to be a complex, even mystifying part of managing your finances. Survey data indicate that most American adults receive an “F” when it comes to understanding…

Should Your Parents Sell Their Life Insurance?

by Joe Borowiec

As your parents grow older, several transformations will occur that can have an effect on everything from their health to their finances. Sometimes seniors need help making decisions about their future, and they frequently rely on their adult children to assist them with these major life changes.

All too often, older adults don’t have enough financial support to make it comfortably through retirement, and this is a common concern among many older Americans. In a survey…

Guiding Your Client Through the Life Settlement Process

by Joe Borowiec

The life settlement industry was established over 20 years ago; however, it remains an oft-overlooked piece of the life insurance and investment puzzle. Insurance agents and policyholders alike sometimes struggle to grasp the financial stability life settlements can provide, due primarily to a lack of readily available resources. Although they’ve been around for a while, life settlements have not historically received much attention or public awareness.

Life settlement…

Understanding Your Life Insurance Policy's Value on the Secondary Market

by Joe Borowiec

Many life insurance policyholders reach a point when they no longer wish to maintain their policy. There are often several factors that influence a person’s decision to sell their policy and pursue other options. For example, lots of people find it difficult to afford their monthly or annual premiums, especially if those payments increase over time. In other cases, a policyholder may lose a spouse or family member who’d been designated as the beneficiary on their policy, leaving no one to collect the death…

It's All About Timing: When Should You Sell Your Life Insurance Policy?

by Joe Borowiec

Thanks to advancements in modern medicine, people are living longer than ever before. In fact, the United States alone is home to almost 72,000 centenarians

Leveraging Life Settlement Money for Retirement

by Joe Borowiec

Reaching retirement age can be a bittersweet milestone for many people. On one hand, leaving your job or career presents a number of alluring perks: You can spend more time with your family and friends, focus on your hobbies and even take that trip to Greece you’ve been dreaming about for decades.

However, fewer and fewer older adults are in a financial position stable enough to support a life of post-retirement leisure.

Why Some Life Insurance Policies Work for Life Settlements and Others Don't

by Joe Borowiec

For seniors who no longer want or need their life insurance policy, a life settlement can be an enticing alternative to letting the policy lapse or surrendering it back to the insurance carrier. However, not all policies are created equal—various factors, including a policy’s size, cost and type, determine its overall value.

Before making the decision to sell your life insurance policy, it’s important to understand why some policies make for better settlements than…

Life Settlements 101: A Beginner's Guide

by Joe Borowiec

If you were tasked with compiling a list of your personal assets, what would be the first things that spring to mind? Chances are, you’d start with your tangible possessions: your house, car, jewelry or antiques. However, intangible items are considered assets, too, including your life insurance policy.

How Life Settlements Work

Just like you can sell your property or your vehicle, you can also sell your life insurance policy.…

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