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| The Problem |
The 'Problem' - the Survivor's lack of income!
►"4 in 10 Americans age 60, will experience poverty regardless of their current economic situation and 3 of the 6 will experience near poverty." ►"Once a married couple reach age 65, there is a 97% chance one will live to be 75, a 72% chance one will live to be 85, & a 45% chance one will live to be 90." Sources: AARP, National Underwriter Jan. 05
What does experience tells us? · Most people are underinsured. Sadly many have relied on term insurance only to find it has expired, just when it was needed most! · Survivors receiving Lump-Sum payments often find the money is all too quickly spent! Insurance proceeds are usually depleted in 3 to 5 years. · Many fail to understand the mechanics of providing lifetime income, leaving their beneficiary in serious financial trouble. o For example: Per an immediate annuity, the cash required to support a life income of $2,000/mo. for a female age 60 is $377,124!
Why aren't Traditional products the Survivor's answer? · Term Insurance plans are very inexpensive because very few insureds die in the term period. A male insured, age 60 purchases a 10 year term, now age 70, find 91.3% of the policies have expired and are no longer of any value to a future widow. Source: 75-80 select & ultimate mortality table. · Permanent Insurance plans are too expensive. Only a very few can afford to purchase permanent plans in the amounts required to support the lifetime income for their Survivor. o See above example, the insured spouse would need to provide a death benefit of $377,124.
Is there a Solution to this dilemma? - Yes there is - its shown on the Solution page of this site. |
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