Life insurance is a core part of the American financial fabric.
Life insurance is an important investment in many seniors’ portfolios and business’ strategies.
According to the ACLI 2013 Life Insurance Fact Book, “People buy life insurance to protect their dependents against financial hardship when the insured person, the policyholder, dies… A business may purchase life insurance to protect against the economic loss that would result from the death of the owner or a key employee.”
There are 38 million life insurance policies owned by American seniors over the age of 65, which have a collective face value of more than $3 trillion. An individual, trust or business that owns a $500,000 policy with annual premiums of 4% of the face value will invest $20,000 each year to keep the policy in force. Over five years, that amounts to $100,000 and over ten years it comes to $200,000.
Reviewing and analyzing whether a life insurance policy continues to be needed or is affordable is as important as reviewing and reallocating all assets held by consumers and businesses.
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