Year-End Review for Advising Seniors: Helping Seniors Navigate 2025

As we say goodbye to 2024 and transition to 2025, it’s an ideal time to implement a plan for seniors managing the complexities of retirement. While inflation has moderated, its lingering effects on everyday expenses remain a concern for those living on fixed incomes. At the same time, Social Security adjustments and other fiscal benefits have provided much-needed support.

In 2024, older generations proved their resilience and continued to drive consumer spending. Reports confirm that seniors are less impacted by rising housing costs and other economic pressures due to diverse income streams like Social Security, pensions, and investments. Yet, challenges such as rising healthcare expenses and the need for long-term care remain.

For financial professionals advising seniors, who want to maximize their retirement resources and avoid burdening their loved ones, annual reviews are critical opportunities to help your clients prepare for a financially sound and worry-free 12 months ahead.

Steps for Year-End Financial Reviews

1. Conduct an Insurance Policy Audit: Review all existing insurance policies, including life, health, long-term care, home, and auto insurance. Confirm clients know where these documents are stored and encourage digital storage solutions for safe, easy access.
2. Safeguard Life Insurance Policies: Verify that a trusted individual—whether a family member, friend, or legal representative—has access to policy details and premium payment schedules. This precaution can prevent policies from lapsing, a costly and irreversible outcome.
3. Verify Beneficiaries: Update and confirm beneficiaries to reflect your client’s current wishes. Over time, family dynamics and relationships change.
4. Plan for Long-Term Care: Discuss options for addressing potential long-term care needs.  Planning now ensures that clients are prepared for significant future expenses, whether through hybrid insurance products, reserve funds or alternative strategies.
5. Review Life Insurance Policies for Suitability: Many seniors find that their life insurance policies no longer align with their needs or financial capabilities. If clients are facing unaffordable premiums or no longer require the death benefit, then it may be time to consider alternatives like a life settlement.

Why Consider a Life Settlement?

For clients who no longer need or can afford their life insurance, a life settlement transaction offers an empowering financial option. Life settlements allow seniors to sell their policy to institutional buyers for a lump sum, often far exceeding the cash surrender value, and in turn, the buyer assumes the premium payments and collects the death benefit when the insured passes away.  The proceeds can be used in any manner whatsoever, to address other financial priorities, such as:

•    Covering long-term care or medical expenses
•    Paying off debt
•    Enhancing retirement lifestyle
•    Supporting family or charitable goals

At Welcome Funds, our fiduciary responsibility is act in every policyholder’s best interest.  Through our auction-based platform, we create a competitive marketplace where buyers submit bids with the goal of maximizing payouts for our clients.

In 2024, we helped seniors experience settlements averaging $285,477.00 (source: internal files of Welcome Funds).  Many of these sold life insurance policies were scheduled to lapse for $0, and instead, provided an unexpected source of financial relief.  Our process is compliant, confidential, and completely client-focused with no upfront costs and no obligation to sell.

Taking Action in 2025

As the year ends, ensure that your clients are equipped to face 2025 with financial confidence.  Life insurance policies are valuable assets and if unneeded, unwanted, or unaffordable, they can be sold through a life settlement, eliminating burdensome premium payments.

Contact Welcome Funds for a free, no-obligation consultation to explore the life settlement option.  Our experienced team provides clarity and peace of mind for seniors and their families.

Call us today at 1-877-227-4484 or visit us at www.welcomefunds.com.

Together, on behalf of your clients, we can help create a happy, healthy and financially empowered new year.