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‘Life Settlements’ CFO Eyes Vast Potential Market - 07 Apr 2016
"The company is banking on the aging population giving rise to a surge in market of seniors selling no-longer-wanted life insurance policies."
A Beckoning Market?
Here’s a fairly sobering fact:
nearly 88% of universal life insurance policies don’t result in a payment or claim.
In 2014, $602 billion of individually owned insurance benefits lapsed or were surrendered
In 2015, $182 billion of such benefits were in policies with the kind of profiles that might be fit for life settlements, according to research firm Conning.
“We believe that life settlements are going to be very common consumer transactions in the future,” says Acheson, noting that “reverse mortgages were not well-understood or widely accepted 15 years ago.”
Acheson, who’s had a long career in specialty finance sectors, mainly mortgages and unsecured lending, says that “like many people,” he’d never even heard of life settlements until not long before joining GWG in mid-2014.
“As I looked under the hood and saw the emerging growth nature of this market, with the senior population expanding rapidly, and as I began to understand the transactions and what seniors get from them, I thought, ‘Wow.’ The business has some interesting math and also specialty finance characteristics, so it’s a good fit for me.”
https://www.cfo.com/profiles/2016/04/life-settlements-cfo-eyes-vast-potential-market/
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