As Boomers feel increasingly uncertain about being able to meet their retirement goals by the time they turn 65, they are turning to unconventional financial vehicles to meet their needs, including life settlements.
This was the conclusion of a survey recently released by International Communications Research (ICR) and commissioned by The Lifeline Program, a life settlement company. The study found that more than half of its respondents (55%) lacked confidence of being able to retire at 65. As such, they are primed to consider unconventional financial vehicles with which to build retirement savings. One such vehicle, the survey points out, is life settlements.
Life settlements, however, struggle from a persistently negative reputation. The primary carrier industry often lumps them in with stranger-originated life insurance (STOLI), and stories of malfeasance by agents selling life settlements (or merely purporting to) do not help matters.