According to the report, about 250,000 life insurance lapse or surrender of the policy each year. Based on public information, less than 1% of the market solve all life is being served by the insurance industry. This represents a great opportunity for growth, according to John Wlecom, founder and CEO of welcome money. The report shows that many of those that allow the life insurance policy to lapse is not aware that they can sell the policy for immediate cash payouts.The majority of the elderly are not aware that they can take advantage of life settlementsThere are many reasons why elderly people can sell their life insurance policies. Some of these reasons include simply do not want longer, life insurance or premiums become too expensive to afford. One of the larger challenges that the insurance industry is facing today to raise awareness concerning life settlements. According to the report from the Association of life insurance settlement, 90% of seniors do not know that they can sell their life insurance policies.
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