Here’s the thing; the world isn’t getting any cheaper to survive in. The daily expenditure keeps increasing given the costs of daily items being on a constant rise, and most senior citizens have already stretched their saving accounts to the breaking point.
In an economy like this, paying heavy insurance premiums isn’t easy. A good option to turn to is to sell your insurance policy. Here are more reasons to sell your life insurance policy this year.
Costs Are Going To Continue To Rise
It’s not a secret that these costs will continue to rise.
Only in the past October a 1.6% cost-of-living adjustment was announced by the Social Security Administration for the year 2020. This means that an average person retiring will make a mere $24 more every month. This amounts to 77 cents each day, which is also the cost of a newspaper.
COLA—or cost of living adjustments are a lot like interest rates on saving. If you’re looking at a low COLA, it means that your social security benefits will grow very slowly post retirement.
This situation means that increasing insurance premiums will continue to make a huge dent in your expenses. A solution to this could be selling your life insurance policy entirely.
Money Isn’t Producing As Big A Bang For The Buck
Since 2000, Social Security benefits have lost 33% of their buying power, as estimated by the Senior Citizens League. To make matters worse, an SCL analysis concluded that between 2010 to 2019, the average Social Security benefits of $1,075 per month, lost $15,258 in financial growth. Compared to the previous decade, this rate was 3% higher.
The analysis makes it clear that money is no longer producing as big a bang for the buck as it used to—and the bad news? Predictions for the coming decade don’t look promising—solidifying the case for 2020 being the best time to seriously think about looking into the option of life settlements.
Costs With Medicare Are A Serious Issue
Another issue is with Medicare. Part A of the plan covers things like hospital stays, medical-assistance and home health services on a low level, provided that you have a 10-year work history. The plan comes with around $1,340 of deductibles per benefit period along with annual caps
Moving on, Part B covers OPD services like doctor visits, flu shots, and medical equipment such as crutches or blood sugar monitors. The monthly plan for plan B is $134 this year for people who earn up to $85,000, paying more for higher incomes and coming with a $183 deductible.
At costs like this you may want to rely on your savings; however, if your life insurance policy qualifies for life settlement, it’s best to use it to cover the expenses instead of paying out of your pocket. If you’re interested in looking into the option, get in touch with us at Prosperity Life Settlements at (800) 591-2551, or email us at email@example.com.