LifeHealthPro’s sister platform, BenefitsPro, reminded us on Sept. 12 that our industry needs to evolve to meet the needs of a graying population. Roughly 10,000 baby boomers are turning 65 every day, a group that accounts for 28 percent of the U.S. population. This blog was originally published on LifeHealthPro.
Sadly, a huge number of these new retirees will soon join a less-desirable club: those who have lapsed or surrendered their life insurance policies to the insurance companies that sold them.
Our research shows that seniors over the age 65 annually lapse more than 250,000 universal and variable universal policies with a face value of approximately $57 billion. When term and whole life policies are included, the number of policies exceeds 1.1 million with a face value of $112 billion.
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