Our next NABBW teleseminar is coming up tomorrow, Thursday August 22, at 8 PM Eastern. (7 Central, 6 Mountain, 5 Pacific.) Pam Sams, CRPC, will be presenting the program, with the topic: "
Boomers: Time to Get Wise About Life Insurance."She'll discuss questions like "How much coverage is enough?" "What's with all the new policy types?" "Why you need to carefully choose your beneficiary."
All the details are here. Even if you think you know everything about life insurance, you should try to be on the call. In my research for it, I learned some amazing things.
For example, did you know there are people who fund their retirement on life insurance that SOMEONE ELSE (investors) buys on their behalf? I found this fascinating. Here's
a link to the article. What a creative way to live your retirement years. Apparently insurance companies are not happy about the growing trend if doing this. But they have actually begun targeting retirees. These days, you can still buy life insurance until you are 80!!
Here's a quote from that amazing article:
Marvin Margolis, an 80-year-old Manhattan financial consultant, is looking for investors willing to bet on when he will die.
Two years ago, Mr. Margolis bought a large life insurance policy. Now, he’s considering selling it to a group of investors, a deal that should give him as much as $2 million to enjoy in his final years. In return, the investors will get the policy’s $7 million payout when he dies — which they hope will be soon, so they can stop paying his premiums.
“This is a wonderful opportunity to use my body as an asset,” Mr. Margolis said. “I deserve to be able to benefit in some way from my age.”
Trading in life insurance policies held by wealthy seniors has quietly become a big business. Hedge funds, financial institutions like Credit Suisse and Deutsche Bank, and investors like Warren E. Buffett are spending billions to buy life insurance policies from the elderly. Other investors are paying seniors to apply for life insurance, lending them money to buy the policies, and then reselling them to speculators.
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