Tuesday, April 4, 2017

Surprising Way To Cash In Your Life Insurance Policy Early

Seniors struggling to pay life insurance premiums have options, including selling their policy

senior citizens riding bicycles
If you're struggling to make ends meet in retirement, you're not alone. And when your income is limited and fixed, you do your best to cut out unnecessary expenses.

One expense that can be tough for some seniors to manage is the premiums on their life insurance policies. Perhaps your carrier raised your premium unexpectedly, maybe the costs from a health event have strained your budget or it could be that your retirement fund is just running low. If you feel your life insurance premiums are too expensive, you may decide you no longer need the policy.

Alternatives to surrendering a life insurance policy

Unfortunately, many seniors think their only option in this situation is to lapse or surrender the policy. In fact, each year seniors older than 70 lapse or surrender more than 710,000 life insurance policies, with a combined face value of more than $57 billion, according to the Life Insurance Settlement Association (LISA). However, many life insurance companies don't tell you about alternatives that may be more beneficial than simply surrendering the policy. For example:


  • You could maintain the policy through loans against its current value;


  • You might be able to seek an accelerated death benefit, allowing you to take some cash out now;


  • The policy may be convertible into a long-term care health insurance policy, or if it's a term policy you might be able to convert it into permanent life insurance;


  • Reducing the death benefit to a lower face value could lower the premiums, making the policy more affordable; or


  • You could assign the policy to an individual or a non-profit organization as a gift.


Another option to lapsing or surrendering the policy - one that can actually put the most amount of cash directly into your pocket - is to consider selling it through a life settlement transaction.

Selling a life insurance policy


Life insurance is personal property, so you can sell it just like any other property you own. When you decide to sell the policy to a third party - rather than surrendering it to the insurance company - you get more than the cash value, but less than the death benefit amount. The buyer of the policy takes on all future premiums and receives the death benefit when you pass away.

In order to qualify for a life settlement, you must be 65 or older with a life insurance policy that has a death benefit of at least $100,000. The amount of your settlement will depend on several factors, including:
woman gardening with medical alert pendant

  • The death benefit, which is the amount the buyer will receive when you pass away;


  • The amount in annual premiums that the buyer will pay; and


  • The number of years the buyer can expect to continue paying the premiums.


On average, a life settlement yields seniors seven times the amount of the policy's cash surrender value, LISA says, based on an analysis of a survey by the U.S. Government Accountability Office. In fact, 90 percent of seniors with lapsed policies say they would have considered selling it if they had known life settlement was an option, an Insurance Studies Institute survey found.

As most seniors prefer to live and age gracefully in their own homes, selling a life insurance policy can be a viable option, and potential alternative to a reverse mortgage.  Living independently at home is a goal of most seniors and their families, and is another good reason to have a medical alert system in the home.

Monday, April 3, 2017

Can This Rotator Cuff Procedure Live Up To The Hype?

New bioinductive rotator cuff procedure helps tendons heal

The rotator cuff is one of the most important parts of the shoulder, as it consists of muscles and tendons that hold the shoulder in place and allow the body to lift the arm and reach for items. Unfortunately, rotator cuff injuries are the most common source of shoulder pain and disability, affecting more than 4 million Americans annually, according to the American Academy of Orthopaedic Surgeons. A rotator cuff injury can greatly reduce quality of life, as it makes daily activities painful and difficult to do.

Those who suffer from rotator cuff disease often avoid surgery to repair the tear because they hear about painful, lengthy postoperative rehabilitation and time away from work. In addition, traditional procedures have focused only on biomechanical repair of the tendon without addressing the underlying biology, which can result in tears progressing and re-tears in the rotator cuff tendon after an initial repair.

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A new technology is now available that helps tendons heal by stimulating the growth of new tendon tissue. The Rotation Medical Bioinductive Implant, which is about the size of a postage stamp, is inserted through a small incision during a short, minimally invasive procedure. Surgical staples hold the implant in place until fibers and tendons of the rotator cuff grow into the implant. The first-of-its-kind implant can provide a range of potential benefits, including shorter rehabilitation, faster recovery, prevention or slowing of disease progression, healing of partial-thickness tears, and decreased risk of developing a subsequent tear.

For people like Starr Boykin, a company executive of Mobile, Alabama, the implant can be life changing. Boykin, who is also involved in competitive fishing tournaments, was recovering from rotator cuff surgery in her right shoulder when, in physical therapy, her left shoulder began to hurt from what turned out to be another rotator cuff tear. Despite multiple surgeries on her left shoulder, pain persisted for over a year.

"My doctor told me there was nothing else they could do, that I needed reverse shoulder replacement," Boykin says. "Being a professional fisherwoman and having already undergone serious shoulder surgeries, this really upset me. I got a second and then a third opinion, and the two other doctors told me the exact same thing."

After hearing about a physician in Florida who was using the Rotation Medical Bioinductive Implant, Boykin met with Dr. Christopher O'Grady at the Andrews Institute, who evaluated her case and told her shoulder replacement surgery was not her only option.

"Starr was a great candidate for the Bioinductive Implant because her injury wasn't a technical problem, it was a biology problem," Dr. O'Grady says. "The implant didn't just temporarily repair her rotator cuff, it completely healed the injury and gave her the ability to achieve functional range of motion more quickly than a traditional, more invasive surgical treatment."

Despite several previous failed rotator cuff surgeries, Boykin is making a full recovery and is back to competitive fishing.

"After the surgery I felt an immediate difference," Boykin says. "After six months, I was back to fishing in tournaments and paddling in my kayak. I'm so grateful for the Rotation Medical technology, which gave me full use of my arm and shoulder and has given me my life back."

Active seniors also benefit from mobile medical alert systems with GPS, as part of their busy lifestyle.  Combining a cellular medical alert system with GPS and 2-way talking pendant into a waterproof 2 ounce pendant, users can summon help at the press of a button anywhere there is AT&T Cellular coverage.  This helps folks get about their busy lives, with the peace of mind that help is just a button press away.

- Article Courtesy of BPT