Considering the current state of the economy and the possible instability of social security, it is now more important than ever for consumers to make the best possible financial decisions. In order for this to occur, consumers need to be aware of all their available options. It is the fiduciary duty of the financial representative to present all of these options. However, this duty is sometimes left unfulfilled as many financial representatives
are not educated on the latest options.
Year after year, consumers continue to let their policies lapse or settle for the cash surrender value (CSV) when they could be receiving a fair market value for their policy by pursuing a life settlement. According to a 2006 Time Magazine study, 88% of universal life policies never pay the death benefit. A 2008 life settlement market study published in Agent Sales Journal showed similarly alarming statistics, pointing out that 65% of agents who will not perform a life settlement in the next year will not be doing so simply because they “do not know enough about life settlements.” Statistics like these suggest that consumers are missing out on opportunities for the mere reason that their financial representation is not educated on all the available options. This lack of knowledge places a restraint on the potential growth of the industry.
Many life settlement providers are now recognizing this problem and are attempting to provide a solution. A notable life settlement provider putting forth much effort in regards to this problem is Milestone Providers, LLC. Milestone has recently redesigned their entire website with education at the forefront. Manger of Inside Sales, Matthew Boaman explains, “The site was redesigned to be both educational and user-friendly so that the different parties involved in the life settlement can easily go through the process’ step by step. This is just one of the many steps we are taking to help educate financial professionals in the industry. As life settlement providers we all need to focus on education for our market to continue to thrive.”
Many life settlement providers will now educate and assist consumers, financial professionals, as well as investors along the way with their life settlement endeavors. Numerous providers are hosting life settlement seminars to further educate financial professionals on the life settlement option and the benefits that often come along with it.
To learn more about life settlements visit http://www.milestonesettlements.com/
