Coventry First Helps Seniors Pay For Medical Expenses With Life Settlements

FORT WASHINGTON, Pa., Oct. 6, 2014 /PRNewswire/ -- A substantial majority of insureds who sell their life insurance policies use the proceeds to cover immediate healthcare costs and ongoing medical expenses. With 10,000 baby boomers turning 65 every day and healthcare costs on the rise, seniors are looking for ways to fund their immediate needs.

"We continue to see a steady shift in the use of life settlement proceeds to help with medical expenses," said Alan Buerger, CEO and co-founder of Coventry, adding, "The downturn of the economy combined with the rise in healthcare costs is a major reason people are selling their policies." Buerger also noted that a number of the largest insurance companies have either left the long term care insurance market or have significantly raised rates for these policies, placing seniors in more dire straits when faced with immediate long term care needs.

According to a June 2013 London Business School Study, life settlements paid policyowners an average of more than four times the amount they would have received had they surrendered their policies to their respective life insurance companies. "Overall, the evidence suggests that the life settlement market has helped significantly in enhancing the welfare of policyowners who, instead of surrendering, sold their policies in the secondary market," according to the authors.

Mr. Buerger concluded by saying, "Life settlements are a well-established and well-regulated option for seniors who own life insurance that is no longer needed and who are facing immediate medical expenses or planning ahead for their long term care needs." 

For information about how to sell your unneeded or unwanted life policy, contact Coventry at 877.836.8300 or visit www.coventry.com.

About Coventry

Coventry created the secondary market for life insurance. By uniquely bridging insurance and capital markets, the company pioneered the life settlement industry and opened a new class of longevity-based assets for institutional investors worldwide. Today, Coventry is a global financial services firm leading the development of a robust longevity market. www.coventry.com.

Contact

SheyLea Brusca          
Director, Marketing    
Coventry
877-836-8300
[email protected]

SOURCE Coventry