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Seniors Getting More Cash for their Life Insurance Policies Thanks to Artificial Intelligence

Updated: Jan 15

couple selling their life insurance for more money
Life Settlement Connect - Seniors Getting More Cash for their Life Insurance Policies

In today’s economic environment, with sticky inflation, the potential for more rate hikes from the Federal Reserve, and a cloud of uncertainty hanging over the global economic picture, the need for cash is becoming more prevalent. And for retired seniors, the need for cash can be even more challenging, especially if they are on a fixed income.

One option to generate additional retirement cash, often overlooked, is a life settlement. The great news is that thanks to technology like artificial intelligence (AI), the curtain is being pulled back on this potentially beneficial option for seniors. That’s because life insurance is a tangible asset that can be unlocked for cash, even while the policy holder is still alive, by selling off the insurance policy to a third party

A Revolution in Life Settlement Technology

Technology is the lynchpin for providing more cash to seniors who are cashing out their policies. Under the prior model, selling a life insurance policy involved contacting brokers, who then contacted other stakeholders, who often remained a mystery to the policy seller.

Privacy concerns also dominated, as sensitive medical information needs to be passed to multiple parties. Add to it the giant commissions that many of the middlemen were collecting, and policy holders were too often left in the dark, with less money in their pockets, than they should be getting.

But technology, like the new CONNECT platform, is changing all that. For too long policy sellers have been kept in the dark about the true value of their policy. CONNECT is helping shine a light on this industry by being one of the first companies to be transparent about the life settlement process.

We empower the sellers of life insurance policies. We don’t need middleman, because CONNECT believes that seniors have the power and the knowledge to input their own information and make their own choices about their lives and their financial future – negating the established, yet mis-held, belief that policy sellers are incapable of providing the simple information they need to obtain their own policy valuation. The CONNECT platform allows policyholders to submit information directly to health assessment professionals and regulated providers and policy buyers, eliminating those pesky commissions and the veil of uncertainty over who is seeing their information.

CONNECT helps sellers gather and provide the required information via a simple website or app and then directs them to professionals for health assessments and on to regulated buyers for an offer. The process is fully transparent at every stage. Fees are declared at the very start of the process and only charged on closing.

CONNECT is a game-changer for the life settlement market. A simple, open and transparent approach that an advisor can support, delivering best value for both buyer AND seller.

A Burgeoning Area

Why consider a life settlement? For one thing, the trends are on the side of the industry. 10,000 people a day are reaching retirement age and as millions of baby boomers hit their 70s, the potential pool for life settlements is growing by leaps and bounds. Plus, as more light is shed on the industry and more success stories are told about this lucrative option, the more attention life settlements will get. Education about this burgeoning cash source is poised to take off, especially as seniors realize they don’t have to settle for less. By bringing more transparency to the process, we are bringing more trust into the industry. It’s always a good idea for retirees to be looking at ways to monetize their assets and life settlements are one of the main places to do so.

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