Medical costs are skyrocketing. Long-term care expenses have the potential to quickly crush anyone on a fixed income. And the market has been unpredictable (to put it mildly). So when assets are dwindling—and there are no carved rhino cups in the attic—what can you do to help your senior clients make ends meet?

The good news is that many of your clients are holding a valuable asset that you may not even realize exists. For your clients 65 and older, that asset may have a surprisingly high market value – a value that is four to ten times more than you or your clients may realize. Even better, your clients may be able to sell that asset today with little to no risk through a highly regulated transaction.

What is this hidden treasure? Life insurance.

Whether your client has a Term or non-variable Universal Life policy, if he or she is 65 or older, it’s likely that policy is either unwanted or unneeded—or most likely it’s simply unaffordable. To keep up with rising costs of insurance and compensate for increasing life spans, five major insurance companies raised their premiums last year—some by as much as 100%—primarily on policies held by seniors. That means seniors are overpaying for policies that don’t even fit their current needs. As a result, a shocking 9 out of 10 policyholders are forced to let their policies lapse (a move that is great for the insurance companies and detestable for the consumer) or surrender the policy, giving them only about $10K on a typical $500K policy.

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