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Survey: Baby boomers cashing in life insurance polices

01/25/12

The results of a new survey reveal that more than half of baby boomers are considering cashing in their life insurance policies in order to fund their retirements.

Conducted by International Communications Research, the survey showed that 79 percent of respondents feel insurance professionals or financial planners should be informing all clients about life settlements and the advantages that can be gained from them.

"Many people didn't know selling their life insurance policy was even an option, however, boomers are demanding more education from their financial advisers," said William Scott Page, president and CEO of The Lifeline Program.

Although life insurance policies can have long lasting benefits for a policyholder's dependents and loved ones, policyholders typically do not see financial benefits from coverage themselves. Consumers who are interested in investments that could contribute to retirement funding may want to consider an annuity of some sort. But since annuities can be complicated and confusing, it is strongly encouraged one consults a licensed financial professional or counselor before investing in one.

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