Financial impacts can include higher life insurance payments

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ATLANTA, June 17, 2021 / PRNewswire / – COVID-19 has had a dramatic impact on life expectancy in United States, according to AtlantaLifeGuide based partners. He says that in 2020, the average American’s life expectancy has plunged 12 months – a full year.

“How much of this will continue to change is unclear, as the virus that causes the disease continues to wreak havoc in this calendar year, with variations and the possibility of a resurgence still in progress, ”explains Wm. Scott Page, the CEO of LifeGuide Partners, a national educational resource for seniors and others looking for additional ways to fund their retirement. “Add to that the fact that we still don’t fully understand the long-term effects of the coronavirus, especially when it comes to long-haul COVID-19.”

Actuarial tables – statistical tables that predict the likelihood of a person reaching a certain age – tend to be revised slowly. Yet the economic and social runoff of shorter life expectancies will continue to be felt and is already manifesting itself in increased life settlement payments, Page says.

The regulations of life allow older people – and others with serious illnesses, such as ALS (at Lou Gehrig disease) and certain cancers (stages 3 and 4) – to receive a cash advance for their life insurance policy. Such settlements generally generate more value for consumers than cash value and more than what the insurer will offer.

Page explains that many factors, including life expectancy, determine the appraisal value of a life insurance policy and any resulting life settlement payment. Other items include a policy’s death benefit, premium costs, and cash value. Still, life expectancy is a critical part of that calculation, so a major impact in this area is, well, major for life settlements.

“I anticipate that this trend will continue to have a dramatic impact on the life insurance claims market – both short and long term,” Page said. “With the US lifespan shrinking by 12 months, and possibly longer, the life expectancy calculations will change and will certainly affect how policies value and, therefore, the amount of settlements. Offers are expected to increase. “

Page, the author of It’s never too late: grow old, become wiser and carefree during our golden years, cites sources as varied as the National Academy of Sciences, the CDC and former New York City Health Commissioner Dr. Mary T. Bassett.

“I’ve heard from savvy insurance agents and financial advisors – in addition to savvy consumers – who have clients for whom a lifetime settlement may be an appropriate solution,” says Page. “We encouraged them to have these life insurance policies appraised immediately. We are also already recalculating exceptional offers taking this data into account. Some agents and advisers are surprised, but even a small change in life expectancy can have a significant impact on the value of a policy. “

About LifeGuide Partners and Wm. Scott Page

Wm. Scott Page is an expert on the financial and retirement issues facing seniors, baby boomers and the silent generation. He has appeared on 20/20, NBC Nightly News and Fox, and was featured in The New York Times, The Wall Street Journal and Newsweek. He wrote regularly for the Huffington Post and Forbes on money matters. The page may be more familiar than the guy who recruited Betty Blanche to serve as the spokesperson for the life insurance settlement industry. He is now dedicated exclusively to helping older people take advantage of the new financial opportunities that have arisen in recent years. For more information or a valuation of a life insurance policy, visit: www.LifeGuidePartners.com.

Contacts:

B. Andrew (Drew) Plant
[email protected]
678-637-5532

Or

Stephen E. Terrell
[email protected]
440-385-4400

SOURCE LifeGuide Partners

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