The Life Insurance Settlements Association, LISA, recently released their 2023 market data report. The bottom line - great news for clients and their advisors.
Here are the numbers:
3218 total policies sold (up from 3071 in 2022)
$842 million paid to consumers (up from $770 million)
$707 million more paid for policies than lapsing or surrendering (up from $610 million)
6.2 times higher than the cash surrender value (up from 5.2 times)
$262,000 more in client's pockets, on average, for completion of their life settlement transaction (up from $250,500)
According to LISA, policies with more than $100 billion of face value are lapsed by seniors over age 65 each year. Before you or your client lapses or surrenders a life insurance policy, please consider selling the policy. This can be a much better financial option.
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