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Scott Page of The Lifeline Program breaks down why people are selling their life-insurance policies to fund retirement.
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Since President Obama took office average -- double -- median income is down eight point 2% huge.
Unemployment deliberate percent it would giving up hope laws -- some people side.
It's so bad for some Americans that they are selling about life insurance policies for a cash payout before they passed.
-- page is with the life line program what's the name of the company's -- for the life -- program about what you do.
If you would buy mine life insurance policy before on die you give -- cash for it but between cents on the dollar you get the policy and get paid off went on guys that correct correct we also continue paying a -- -- that's right who passed away and -- pay tax on the cash that you pay me for the life insurance policy there's attacks on the basis that it -- -- isn't rocket now.
-- you an economic indicate.
-- -- -- -- -- -- -- -- -- -- In part because you on this program.
That -- businesses off.
-- suggesting that that is because this is a down economy a more people push towards cashing out -- life insurance programs.
I think anytime there's a fluctuation in the economy people start.
I hate to use the term thinking outside the box the looking for options and -- like someone is one of those you know we are we are.
Hopeful that all financial planners financial advisors estate planning attorneys -- -- intentionally settlements as an option.
As an entire retirement package.
So again anytime there's a fluctuation the economy is down people looking where they can find cash -- -- -- maybe the answer is.
That is coming to you people and I'm suggesting for same effect on -- like fifties they cap then they're out of a job.
And they'll be short of actual retirement age they -- a cash deal to see them through for a few years is that.
And you know we're not dealing with the boomer society we're more senior someone seventy plus who -- the seniors that are coming to us however is the boomers that are investigating -- settlements because.
And there's what's happening -- the sandwich generation where the boomers are taking care of their children were -- adult children we've been home and also caring for their parents.
And instead of paying that premium payment every month for every year Cuba policy in force people need the funds now to get back in the game but you -- mode almost -- is fascinating stuff.
Do you give them a medical check yes we do reevaluate their medical medical history was -- the.
What worst -- on health wise the more likely it is that you'll give them Ohio -- than 20% a rule of thumb is the sicker the older the more money you'll get.
-- element business but it's also -- -- for example we had a client solar policy.
To buy cattle to restock their -- because they felt they could restock their -- -- as the legacy behind.
-- get a lump sum settlement for the children of the flight ever -- a basket at 10-Q the all the music as you can yell back yeah you are betting on death on -- instead of being called a good drive value for immunity Angel.
The monthly average day page of the people who do this cash out late seventies early eighties the latest -- you can go -- Right but is it you know this as some something of an indictment though on our safety nets.
In other -- false security Medicare whether -- -- to reverse mortgages would Everett this is an indictment on the fact that -- salt faulty.
That when you get deal late seventies you know it's it's -- you know we'll have longer relive and you have -- -- 65 you're gonna be 85 more likely.
-- it's an indictment of people who haven't saved enough money on that -- -- Well that's first and foremost what so many people in America are being told -- -- the Social Security system is your safety net you don't have to save on your own and the fact of the matter is that equality like.
And more than -- that and inflation.
Check -- that's gonna be eaten up by -- exactly on a -- For our clients are reliant on Social Security our average life insurance policy that we purchases two and a half million dollars or we're talking about a more fluid.
Clients an issue that -- Life settlements as part of the whole financial planning tool wealthy collecting you know social security and living off of disability a lot of political don't want to -- to get the money right correct I don't know I don't spend today that it have you ever seen a hearse pulling U haul.
And that -- my mother's expression was have the embassy to shroud with pockets there you know if the fifth and -- well let you bounced a -- to the undertake.
Yeah.
I think you're -- enough free commercial time it was very interest still we come back to join -- -- absolutely love to I'd just love to drum up some business will benefit thank you very much.
