As we approach the holiday season and the close of 2015, it’s a great time to take a step back and reflect on what is most important in life. It’s not the amount of money in our bank accounts or the great achievements in our careers . . . it’s the relationships we hold dear.
The holidays are all about family, friends and the loved ones in our lives. Those precious relationships are what we all value the most in life and they are the motivators that keep us working, planning and storing up for the future.
In fact, if you think about it, that’s probably the motivating factor that caused you to buy life insurance in the first place. I doubt it was for your own benefit, it was more likely to provide some financial comfort – in the event of your passing – to the people you love.
LISA is committed to educating seniors about the options they have available to them in the event that they no longer want or can afford a life insurance policy. Why are we so passionate about this mission? Because this is a serious financial planning issue in America: each year, more than $100 billion worth of life insurance owned by Americans over the age of 65 is lapsed or surrendered back to the insurance companies that sold the policies – mostly from a lack of knowledge that an unneeded or unaffordable policy may be sold.
We want you to know that the policy sitting in your drawer, which you may no longer need as a safety net for children who are now grown or can no longer afford due to other rising expenses, may be a hidden asset that can be tapped for a cash payment that is five times greater than what the insurance company will pay you if you just surrender the policy. This is important stuff. According to a report from the U.S. Government Accountability Office, 41 percent of households age 55 to 64 have no retirement savings, the inevitable result of the fact that 17 percent of Americans reported in a recent survey that they have given no thought to financial planning for retirement.
So as we turn the page toward 2016, those of us at LISA would like to promise you that we’ll keep fighting for your rights as consumers to be fully informed of ALL the options available to you in the event you no longer want or can afford to keep your life insurance policy. By being fully aware of all your options, you’ll be in a position to do better financial planning in the year ahead.