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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. According to the Pew Research Center, more Americans aged 65 and over are working either full- or part-time than ever before. While a portion of this population might choose to stay on the job out of pure dedication to their craft, many people choose not to retire right away because they simply can’t afford to.
If you find yourself in a similar situation, one potential option to consider is a life settlement. Although the life settlement industry has been providing seniors with financial relief for years, few people know much, if anything, about what these settlements can mean for their financial future.
Here are just a few ways retirees can leverage their life settlement money to improve their quality of life.
As the aging baby boomer population demonstrates, the retirement landscape in America is shifting, especially as the gap between the average life expectancy and the average retirement age continues to widen. The end result is that many seniors don’t have enough money to cover even the most basic necessities, such as food, monthly bills and medicine. For seniors who weren’t able to save enough for retirement while they were still part of the workforce, or for those who spent much of their savings to cover an unforeseen expense, a life settlement can provide the funds they need to get by.
Seniors often require more frequent visits to their doctor, and they tend to be prescribed more medication than younger adults. Chronic conditions like cancer or diabetes are also more prevalent among senior citizens. Health emergencies, such as a heart attack or stroke, are yet another factor that can land many seniors in the hospital for days, leading to a costly medical bill.
Qualified life insurance policyholders who face exceedingly high healthcare costs can ease this burden with the help of a life settlement. Whether you need to pay for an expensive, one-time procedure or a recurring monthly prescription, the value hidden in your life policy might be just what you need to cover unmanageable medical costs.
Assisted living communities and nursing homes are available to seniors who are unable to live by themselves. Some have medical needs that require supervision, while others simply want to live in a residential setting surrounded by their peers. Many seniors who would benefit from living in such a community, however, don’t even consider it because they fear they cannot afford it. A life settlement could be put to great use in this scenario: Not only would it offer financial relief, it can give seniors and their families peace of mind in knowing they are safe, happy and financially stable.
If you are over the age of 65 and own a term, whole or universal life insurance policy, get a no-obligation quote today to see if you qualify.