Financial Options For Seniors Growing - As Are Costs
Posted: Saturday, May 31, 2008
by Chris Chidgey
On average:
- Seniors spend more than 4x what the young do on Health Insurance
- Seniors spend almost 3x on Housing Upkeep
- Seniors spend more than 4x on Prescriptions
While seniors spend much less than the young on items such as Mortgages, rent and alcohol – the article also cites assisted-living facility costs have risen 25% since 2004, and the annual costs of nursing homes have reached almost $80,000 annually!
Consequently, it is absolutely critical that seniors are aware of all of their financial options including reverse mortgages, long-term care insurance and selling unwanted life insurance policies in senior life settlement transactions.
While “borrowing" against a home in a reverse mortgage has provided many seniors additional funds for necessities, donations or fun; a lesser known and often better financial option is the selling of unwanted life insurance. Eligible seniors can sell their un-needed or un-wanted life insurance policies for up to 4 times the cash surrender value or more. Unfortunately, many seniors are unaware of this option and surrender their policies for the cash value or even let them lapse!
Contact your attorney, certified financial planner or CPA, or go to www.thelifesettlementnetwork.com to find the latest information on senior life settlements. A free life settlement calculator and no-obligation policy submittal tool are also provided.
Know your financial options – and offset the rising costs of a comfortable life.
Questions or Comments?
pr@thelifesettlementnetwork.com
www.thelifesettlementnetwork.com
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The number of senior citizens is definitely on the increase. Many are unaware of their rights and are pressured into enrolling for plans and programs that only devour their dwindling resources. Sometimes family memebers try to shuffle off older family members without considering the side effects of their actions. Many apartment and hosuing complexes geared towards the senior citizen wrongly or even naively assumes they have all the moey in the world and no place to spend it. They never consider health care, insurance and maintenance costs. Good article Chris.
