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West Coast Settlements offers Financial Advisors and Life Insurance Agents an excellent solution that would often times be overlooked. For a variety of reasons, a prospective client may need to sell a current life insurance policy. Reasons a client would want to sell a life insurance policy:
Income opportunities for you in the life settlement industry are large and getting larger each year. It can be said that you have a duty to stay informed about the life settlement industry and that you might even have an absolute fiduciary duty to make these opportunities available to your clients. What would you say to a client who simply let a policy lapse because he couldn’t afford the premium payments when that client could have entered into a life settlement for that policy had you informed him about that possibility? West Coast Settlements has worked with agents in each of the following professional fields:
Industry Outlook Life Settlements were expected to top $19 billion in 2006 and it is predicted that the Life Settlement Industry “will grow…to $160 billion over the next several years.” (Source: Bernstein Investment Research of New York City, 2006). The number of individuals in the United States over age sixty five (65) will grow from 34 million today to a projected 69 million by 2030 – representing over twenty five percent (25%) of the US population (Source: US Bureau of Census). These statistics highlight the explosion and rapid expansion of the Life Settlement Market and its entrance into the mainstream financial planning industry. Estate tax repeals may also have a major impact on the percentage of seniors considering a settlement. Lower estate taxes and higher exemptions mean that existing life insurance coverage may become obsolete and a life settlement will be a very profitable alternative to cancellation.
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