2018 Life Settlement Awareness Scholarship Winner
Sashauna Shai Bailey
Southern New Hampshire University
October 1, 2018
The Mason Finance team is pleased to announce Sashauna Shai Bailey as the winner of The 2018 Mason Finance Life Settlement Awareness Scholarship for $1,000. Sashauna attends Southern New Hampshire University as an undergraduate student working towards her Bachelor of Science in Accounting. Candidates had to craft and submit an essay describing the importance of financial planning.
Sashauna’s Winning Essay
Many seniors fall into financial difficulties through no fault of their own but as a result of adverse life complications. Many seniors who are 65 years and older struggle with tremendous debts from financing the needs and wants of their children and grandchildren. These include paying their tuition, providing basic needs for them, and helping them with their own financial debts. Therefore, seniors are forced to carry these debts into retirements and will later run of out retirements funds as a result. In addition, unexpected financial burdens such as medical bills, also force seniors to maximize the spending on their credit cards thus, acquiring large interests on a monthly basis. Not only does this increase their debts, but it also makes it difficult for them to pay their debts off. Other debts such as mortgage payments and student loan repayments are also major factors that affect seniors during their retirement. Either they failed to or were unable to pay these debts during their earlier days and are now left to figure them out without an income. Seniors also face the loss of a spouse and this in turn creates financial difficulties for the surviving partner especially during retirement. For these reasons, many seniors are financially unstable during retirement, especially the ones who are unaware that they can sell their life insurance policies.
Taking into consideration the finances of those already retired, the rapid advancement in technology makes it relatively easier and more convenient for seniors to gain access to retirement services. Even though most seniors who have already retired are less likely to feel comfortable using technology and less trusting of the internet, technological assistance can enable them to receive a life settlement estimate in seconds. So many seniors are ignorant to the fact that they are able to sell their life insurance policies for more than its cash surrender value. However, with the new and improved technology that we have access to today, they will now be able to realize how much they can achieve with the click of a button. Not only will technology assist them in benefiting from their life insurance policies, but it will also educate them about their many settlement options and the companies that are working in their favor. Through reviews, blogs and public records, seniors can use the internet and applicable technologies to research the trustworthiness of a market and the companies involved as well. In addition, life settlement agreements are vital for seniors who can no longer afford their policy or do not need it anymore and also seniors who hold policies that are worth more than their cash surrender value. The advancement in technology serves as a basis through which these seniors are able to acquire information about the life settlement markets and the measures in place to utilize them as well.
Viatical settlement is a second arrangement that seniors can utilize in order to gain cash value for their insurance policy. This agreement is solely used for seniors with terminal illnesses who could use this cash to enjoy the short period of time that they have left. Through technological advancements, it is relatively easier for companies to target seniors who would benefit from these settlements and enjoy what is left of their retirement. Therefore, companies can promote their services through media and direct mail marketing. Media and direct mail marketing are marketing strategies that can be used to appeal to the needs and wants of seniors in order to attract them to the retirement services that are readily available to them. These promotional items also contain substantial and adequate information for seniors to educate themselves about the settlements and also provide them with the opportunity to easily apply through mail, online, or in person. In addition, technology will be of great asset in assisting seniors with taking control of their finances and obtaining cash benefits from their life insurance policies. Since it has been established that seniors have a lower rate of technology adoption, companies can employ persons who are willing and able to visit the homes of seniors who are interested or would benefit from their retirement services and assist them with acquiring the services that are most beneficial to them. Companies can gather information about potential clients through spywares and database management systems. This will assist them in acknowledging and understanding their targeted market and targeting them on a yearly or quarterly basis.
Some seniors who have already retired can also utilize the technology available to them and buy annuity in order to receive a fixed sum of money on a yearly basis. Technology plays an integral role in company’s ability to adequately attract and retain retired seniors. Through this increase in technology, insurers are able to better choose their interest rates and the market conditions in order to better appeal to seniors. Most seniors tend to accept settlements and agreements if they have lower interest rates and also if they prove to be beneficial to their immediate needs. Today’s dynamic marketplace improves customer engagement and provides many more options for companies to utilize when promoting their retirement services. These include but are not limited, companies ability to email their services and also broadcast them over the radios and TVs. Retired seniors normally find pleasure in watching television especially since they do not have to work and therefore, appealing to them through channels that they are most comfortable with is a profitable idea. In addition, these mediums can be used to broadcast the advantages of buying annuity and the simple yet advantageous method of selling life insurance policies for cash benefits.
In conclusion, if seniors utilize the technologies that are available to them during their retirement, they will be able to educate themselves about possible options of selling their life insurance policies. Most seniors are unaware of the fact that they can sell these policies and obtain cash benefits and therefore, they are suffering financially with huge debts and constant bills. Therefore, it is up to the individual companies to market and promote their life settlement plans and agreements in an attractive and informative manner.