Yes, insurance overload is a real concept. It all stems from the mindset that is instilled in most people from early on — the more insurance one has, the better off they are. People believe that it’s better to have too much insurance than too little.
And in most cases, that’s true. There are too many horror stories of people who didn’t have insurance, and lost everything as a result.
But. When it comes to seniors, insurance overload is a very real possibility. Insurance overload is what prevents seniors from accruing enough savings to finance the expenses that come along with retirement, such as medical bills, long-term care and travel.
Sometimes people purchase large policies, or several different policies, because they don’t want to leave their loved ones without a means of support. Sometimes the amount of coverage makes sense at the time of purchase, but circumstances change, and that level of insurance is no longer needed.
If this describes your client, your next step is to investigate the possibility of a life settlement. For those who qualify, a settlement can turn a liability — excessive insurance — into a windfall of available cash for immediate retirement needs.
Financial advisors and life insurance agents — Hidden Gem experts are here to help any of your clients that are suffering from insurance overload.
Call us at (954)-500-5433 / (954)-500-LIFE.