Magna Life Settlements had a turn in the national spotlight on June 30 when the company, and the life settlement industry, were featured on an episode of Fox Business Talk Business 360.
The theme of the show was financial innovations, and the segment on life settlements provided a platform for Magna Life Settlement Senior Vice President Clay Gibson and Director of Agent Origination Jim Purdy to talk about the benefits and considerations of selling a life insurance policy. The episode also included an interview with Adam Hull, a partner advisor with AdvicePeriod.
“When you bring up life insurance to your clients, they think you are trying to sell them something,” said Gibson, addressing financial advisors. “But in this case, you are actually trying to take life insurance, which they already own and you’re explaining to them that a life settlement can give them cash now for something that they no longer need, or they no longer want.”
Hull reinforced Gibson’s remarks from the perspective of a financial advisor, speaking about the win-win arrangement when an advisor can lead a client toward a life settlement that will yield cash from an unwanted policy. He referred to a life settlement as “a huge win for the client experience and for their balance sheet.”
Purdy then spoke to the need for more awareness of the life settlement option, citing a poll in which 90 percent of people who lapsed their policies said that they wish they had been informed about life settlements. Rising health care costs and volatility in the health insurance marketplace heighten the need for seniors to explore all of their income options, Purdy said.
After going into more depth about the opportunities advisors have to help their clients meet retirement needs through life settlement, Gibson and Purdy recommended Magna Life Settlements as a trusted source of life settlement information and resources.
“We’re a top-ranked life settlement provider,” Gibson said to conclude the segment. “In fact, over the last five years, we’ve been able to provide more cash payout to clients and consumers than any other life settlement provider in our space.”
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