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Life insurance policies often a solid investmentPosted On Thu, August 27, 2009
Life insurance policies can be a solid investment for people in different age groups, depending on factors like their financial needs and family status.
A recent report by the Dallas Morning News notes that senior citizens are often finding it financially desirable to sell their life insurance policies to investors. This practice reportedly generated $11.8 billion in sales last year, which was said to be almost double the figure recorded two years before.
The newspaper notes that this may be an especially attractive option to seniors who feel they do not have the time to try to recoup lost retirement savings in the current market climate, or if they are simply trying to build up their nest egg in general.
However, the newspaper also cautions seniors that these transactions are not meant for everyone, and that it's best to consult with a financial professional before taking any such steps.
Overall though, younger workers who have children are also frequently advised to invest in life insurance. Generally, a life insurance policy equivalent to five to seven years of one's annual salary is seen as sufficient to help provide for one's family in the event of a premature death.
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