How can you convince the aging baby boomers to accept a salary so they don’t have to worry about a miserable retirement? Answer: Get Betty White on YouTube to make a rap video so zany it’s reaching 1 million views.
According to polls, nearly half of boomers don’t believe they will be able to retire comfortably. This is despite them not being known for saving much money before the crash. But here’s the crucial point: As bad as they’ve been at adequately funding their 401(k)s and IRAs, they’ve been really, really good at buying insurance policies — a record hundreds of billions of dollars worth, according to Conning Research & Consulting — and many of those policies were taken out under circumstances that now make it more financially attractive for their holders to sell them to companies, in what’s known as a “life settlementInstead of letting them expire or re-up because they are not affordable,
Let Betty tell you.
The video is titled “I’m Still Hot,”This also stars Luciana, an English pop singer — and many hunky men being hand-fed cheesecake — guess who — White Raps.
“I hooked up with The Lifeline./I got big cash in no time./I’m living life at the top./Guess what? I’m still hot.”
Ok, Betty may have missed the highlights. Be aware that she was referring to The Lifeline Programwww.thelifeline.com), which already had a sterling, two-decades-long record of protecting the interests of those senior citizens whose life settlements it handled before recently deciding to expand to boomers.
“Baby boomers don’t realize they could be sitting on hidden wealth that could ease the anxiety so many of them are now feeling,”William Scott Page, president and chief executive officer of the company, said this.
How much money do you need?
There are three options for life settlements: term, universal, whole, and universal. The dollar amounts will depend on your life expectancy as well as the premiums you pay. Death benefits can also be included. Many believe that life insurance policies could soon be the most profitable retirement investment, if they are sold in one’s golden years.
The Wall Street Journal recently noted that they “may be a good idea if your policy’s beneficiary has died and you have no one to replace him or her, or if you no longer need insurance,”This is an example from a Lifeline Settlement:
A 72-year-old man who expects to live seven years more with a $250,000 policy that covers whole-life and $9,400 per year could be eligible to receive a $110,000 settlement.
Perhaps this explains why Betty’s video has such a huge following.
