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Life insurance policies can fund retirement

Posted On Thu, February 2, 2012

A recent survey from The Lifeline Program found that many Americans are interested in the ability to take their life insurance policy and fund their retirement with it.

Nearly eight in 10 Americans polled noted they would like insurance professionals and other financial experts to inform their customers about a life settlement, according to the report. A life settlement is an option consumers have to turn their life insurance policy into cash to be used for retirement.

"Many people didn’t know selling their life insurance policy was even an option; however, boomers are demanding more education from their financial advisors," said Wm. Scott Page, president and chief executive officer of The Lifeline Program.

The survey added that more than half of consumers are concerned about working past retirement age.

Consumers who are saving for retirement may also want to open a life insurance account to ensure their family is covered in case they die unexpectedly. One good way to do this is to go online and compare life insurance quotes. There could be a plan that fits a person's situation.

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