I<\/span> was blessed to work with my father for many years in my first career, being part of a food distribution company. It wasn\u2019t my first choice of careers. However, as often happens in life, it was a consequence of a different intention.<\/p>\n Working for my father was a necessity if I wanted to be able to pay my way through law school and become an attorney. This was my dream career. Fortunately, I accomplished both. After five years of helping to build the food business and earning a degree, I realized that, contrary to my previous notions, business could be fun and profitable, which wasn\u2019t a dirty word. This was one of my dad\u2019s expressions.<\/p>\n It\u2019s becoming increasingly important for older adults to think outside the box to realize a profit. Many are being squeezed financially on both ends. Some have aging parents who need their support, financially or emotionally due to increased medical costs, dementia, and the like.<\/p>\n At the same time, older adults have goals and dreams of helping their children and grandchildren and favorite causes. These obligations are in addition to making sure they have enough for what is projected to be greater longevity. With more longevity comes increased living and medical expenses.<\/p>\n So, what can they do to make a profit where they might not have realized there is one?<\/p>\n One way that older adults can think outside the financial box is by considering assets that they already own as a potential income or source of cash which they normally wouldn\u2019t consider as such.<\/p>\n One example is an insurance policy.<\/p>\n Due to various factors, there is a huge demand for senior life insurance policies from institutional buyers like Warren Buffett and large multibillion-dollar hedge funds looking for noncorrelated assets to the stock market that can generate a profitable return for the investors.<\/p>\n Some of these buyers like Coventry and others are spending millions of dollars on TV, print, internet, and more to try to educate and lure owners of policies to contact them about selling their policies. This can be advantageous for both the sellers and the buyers, but sellers should try to use a broker who can maximize their value. They do this by accessing the entire market as opposed to just selling to a single buying entity that is advertising.<\/p>\n Sellers can make a profit, especially where they own a term policy if several factors are present. One, the policy must be able to be converted to a permanent policy. Usually, they are if the insured is less than 70 or 75 years of age. Second, the policy will ordinarily be much more salable if there has been an adverse health change from the time the policy owner\/insured has purchased the policy.<\/p>\n In instances like these, despite the fact the policy owner has probably paid little so far for the policy, as term policies are the least expensive form of insurance, the policy could have a market value of 20% to 30% or more of the Death Benefit owned.<\/p>\n Too few understand that they may be able to cash out with a life settlement, or sale of an existing life insurance policy to a third party. Use this life value calculator to estimate how much your life insurance policy will be worth when you sell it.<\/p>\n The greatest protection for older adults, and, actually, all consumers, is to find the most appropriate expert advocates they can. It could be a person who is a tax attorney, a certified public accountant, a registered investment advisor with a good reputation, a banker, a litigator, or, like in this instance, a life insurance expert.<\/p>\n One last piece of advice \u2026<\/p>\n Do some kind of work or volunteer activity. Aside from the obvious financial benefits, older adults will accrue many other benefits besides income. Increased self-esteem, new social contacts, and keeping their brain active are all excellent side benefits.<\/p>\n Daily exercise is a great stress reliever and creates the endorphins we all love so much.<\/p>\n Connecting with your spiritual side can also add meaning to your life.<\/p>\n Being active in some form of giving back is an incredibly satisfying activity. It\u2019s not just about surviving but also thriving!<\/p>\n \u2022 Website<\/a>\n\u2022 LinkedIn<\/a>\n\u2022 YouTube<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Ideas for assets you already own as a potential income source<\/p>\n","protected":false},"author":3,"featured_media":757,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[113,114],"tags":[],"class_list":["post-9222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fall-2019","category-fall-2019-columns"],"acf":[],"_links":{"self":[{"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/posts\/9222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/comments?post=9222"}],"version-history":[{"count":7,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/posts\/9222\/revisions"}],"predecessor-version":[{"id":9465,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/posts\/9222\/revisions\/9465"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/media\/757"}],"wp:attachment":[{"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/media?parent=9222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/categories?post=9222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/tags?post=9222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Insurance Policy<\/h3>\n
Getting Advice<\/h3>\n
Volunteer<\/h3>\n
Exercise<\/h3>\n
Connect<\/h3>\n
Give Back<\/h3>\n
David Kottler is a national speaker, author, and entrepreneur who combines his legal and business experience to help Americans fulfill their life mission both philanthropically and financially. Also known as \u201cThe Insurance Doctor,\u201d Kottler draws on his 24 years of financial planning experience to help clients through his True ValueTM life insurance review process. Kottler is the author of The Best Kept Money Secret in Your Insurance Policy<\/em>. For further information:<\/h5>\n