By Chris Orestis viaÂ Iris.xyz
One year ago, everything changed for the life insurance secondary market; in July 2017, a subgroup of the National Association of Insurance Commissioners (NAIC) released the policy paper, â€śPrivate Market Options for Financing Long-Term Careâ€ťÂ that endorsed the concept of cashing in life insurance policies to generate assets to help people pay for long-term care.
This is the position the life insurance secondary market has been promoting for years â€“ seniors are unaware of assets in their life insurance policies that can be used while they are still alive. To have the NAIC endorse it was a watershed moment for the industry and, more importantly, people in need of financial resources for long-term care. As it turns out, the paper was just the beginning. Over the last year, it has become increasingly apparent that paying for retirement in America is a full-blown crisis in search of the answers the NAIC addressed.
Consider these trends:
For those nearing retirement, it is obvious that they will need as many financial resources as they can amass. The dilemma they face is that they often donâ€™t know just how much they need until they get there â€“ other than itâ€™s more than they typically think it will be.
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