The life settlement industry has been on a steady growth trend for some time now, and market developments point to that trend continuing.
For starters, the size of the potential market should encourage agents and brokers to give life settlements a look, said Michael Coben, chief distribution and business development officer with Lighthouse Life, based outside Philadelphia.
Coben is leading a session today on life settlements at the NAILBA Annual Meeting. He will focus on expanding the life settlement market to include policies as low as $100,000.
For the most part, the industry has tended to focus life settlement plans on high-net-worth clients, he said. But that is changing, he added, and should keep changing.
“Seniors get to these ages where maybe they didn’t plan properly, or unfortunately, have been dealt with some circumstances that have changed their plan,” Coben said. “They can fortunately look at their insurance policy as a source of capital to fend off the concerns that are immediate.”
This article originally appeared on Insurancenewsnet.