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Nobody likes shoveling the snow off the sidewalk or driving on icy roads, especially seniors. So, when winter hits, many people think about getting away to someplace warmer. Maybe your client wants to go on a Christmas vacation to Mexico with their friends or family. Perhaps they want to ring in the New Year with some excitement in Las Vegas, or maybe they are sick and tired of the cold and snow and want to avoid winter altogether snowbird style. Often times those who are retired live on a tight budget or fixed income, so as a financial advisor, helping them find the cash to make their winter dreams come true can be a little tricky. But there are a few paths worth exploring in order to help your senior clients achieve their winter travel dreams.
The Cost of Winter Dream Vacations
Depending on your clients travel goals, the price for a winter trip will vary. A one week trip to one of the United States’ top ten winter getaways can range anywhere from $2,000-$5,000. In the case where your client wants to live the snowbird lifestyle, where they avoid winter altogether by living part of the year in a warm climate, vacations can range from $4,400-$21,000 per couple. With inflation projected to stay around 2% for the next couple of years, it’s important to remind your client that these trips are only going to get more expensive in the future. On top of that, the cost of Medicare also looks like it is going to increase. For these reasons, your clients need to start planning ahead for their winter vacations now, so they will have the funds they need to enjoy warm winter vacations in the years to come.
Help Achieve Your Clients’ Dreams
While the costs look a little prohibitive, especially for those who are on a tight budget, there is a way to help your client live out their dream vacation by setting them up with a life settlement. Did you know you can sell all or a portion of a life insurance policy, even term insurance? If your client has a life insurance policy (or policies) that they don’t need, you can turn it into the cash infusion that can help fund their trip this year, and for the rest of their retirement. Your client may think that they have to surrender their policy (or policies) for an amount that is vastly under what they paid into them, but this isn’t the case. If your client qualifies for a life settlement, they could receive four to six times their cash surrender value for the policy. Another great advantage is that they will no longer have to pay premiums on the life insurance policy that they sell. This money could also be saved to help fund their winter getaways every year.
At Life Settlement Advisors, we know the importance of the retirement years. Finally your clients have the time, and with your help, the money, to make their winter travel dreams come true. If you have any questions about how to help your clients benefit from a life settlement, you can contact us anytime.
Case Study: Jerry and Joanie bought life insurance when they were young to protect their children’s future. Jerry recently lost Joanie to cancer. The kids are grown and the youngest is 40 years old. Jerry no longer needs the coverage. Jerry’s financial advisor told him he could sell his unwanted life insurance policy for an immediate cash payment. Jerry sold his life insurance policy and used the proceeds to pay off a few medical bills and supplement his retirement.
Leo LaGrotte
Life Settlement Advisors
llagrotte@lsa-llc.com
1-888-849-0887
