NEWSLETTER
As the earth awakens from its winter slumber, bursting forth with new life and vitality, so too can we harness this transformative energy to foster our own growth and renewal. In this final installment of our series, we draw inspiration from the resilience of nature, as depicted in our recent video, “Cultivating Resilience: Spring’s Renewal Within,” to explore how we can embody this resilience in our personal journeys.
The Essence of Resilience
Resilience is more than mere survival; it is about thriving amidst adversity, much like the perennial bloom that returns each spring, undeterred by the harshness of winter. It is this indomitable spirit that we seek to cultivate within ourselves, allowing us to face life’s unpredictable weather with grace and strength.
Embracing Change
Change, the only constant in life, mirrors the ever-changing seasons. Just as the earth embraces each transition, we too must learn to welcome change with open arms and an open heart. It is through change that we grow, learn, and evolve, shedding old habits and beliefs to make way for new growth.
Cultivating Patience
In our fast-paced world, patience is a virtue that often goes unappreciated. Yet, it is a cornerstone of resilience. Like a seed patiently waiting under the soil for the right conditions to sprout, we must give ourselves time to adapt, grow, and flourish. Patience reminds us that all good things take time, and personal growth is no exception.
Finding Strength in Community
No plant is an island, and neither are we. Our communities provide the nourishment, support, and protection we need to thrive. Sharing our experiences, challenges, and triumphs with others not only strengthens our bonds but also reinforces our resilience. Together, we can weather any storm and emerge stronger.
Conclusion: A Lush Garden of Well-being
As we conclude our series, let us take a moment to reflect on the journey we’ve undertaken. From the initial awakening of our inner selves to the nurturing of our resilience, we have embarked on a transformative path that mirrors the renewal of spring. Let us continue to nurture our inner gardens, for it is in this cultivation that we find our true strength, resilience, and, ultimately, our peace.
This article is a continuation from our print magazine HIP Connections.
Continuing our journey of spring cleaning for the soul, we dive into the digital realm to explore resources that can aid in our quest for a decluttered, serene mental and emotional state. Embracing mindfulness and meditation can be transformative, and thankfully, the internet is rich with resources to guide us on this path.
Several apps provide guided mindfulness and meditation sessions, catering to all levels from beginners to advanced practitioners. Apps like Headspace and Calm offer a variety of guided meditations, sleep stories, and mindfulness exercises designed to reduce stress, improve focus, and enhance sleep quality. These platforms often feature programs specifically aimed at decluttering the mind, making them perfect tools for your spring cleaning journey.
Joining an online meditation community can provide support and structure to your practice. Platforms like Insight Timer or The Mindfulness App offer not only a vast library of guided meditations but also the opportunity to connect with a global community of like-minded individuals. Sharing experiences and tips can significantly enhance your practice and provide motivation.
For those looking to deepen their understanding and practice, online courses and workshops can be invaluable. Websites like Udemy, Coursera, and Mindful.org offer courses taught by experts in the field, covering various aspects of mindfulness and meditation. From introductory courses to in-depth studies on specific techniques, these resources can cater to your specific needs and interests.
Podcasts and YouTube channels dedicated to mindfulness and meditation can be excellent resources for inspiration and guidance. Channels like The Daily Meditation Podcast or Tara Brach’s YouTube channel offer free content ranging from short daily meditations to longer talks and teachings on mindfulness principles and practices.
Part of decluttering your mental space involves taking a break from the digital world itself. Participate in digital detox challenges that encourage you to limit screen time and engage more with the physical world. This practice can help reduce information overload, one of the significant sources of mental clutter in our modern lives.
Embracing these online resources can significantly aid your journey towards a decluttered, peaceful mind. Remember, the key to effective spring cleaning for the soul lies in regular practice and patience. As you explore these tools and incorporate them into your daily routine, you’ll gradually notice a more serene, focused, and joyful state of being.
For more insightful articles and resources for seniors, continue exploring Thehipsenior.com.
In the ever-evolving landscape of human relationships, technology has emerged as a pivotal force, redefining the contours of love and connection. As we navigate through the digital era, it’s fascinating to compare how love’s expression and experience have transformed over the last four decades. This exploration sheds light on the profound impact technology has had on romantic relationships, altering how we meet, communicate, and sustain connections over time.
Forty years ago, in the early 1980s, love and relationships were primarily grounded in physical and local contexts. People met potential partners through traditional avenues: social gatherings, local communities, schools, or workplaces. These environments facilitated direct interactions, enabling individuals to form connections based on shared experiences and face-to-face interactions. The serendipity of meeting someone in such settings added a layer of mystery and excitement to the journey of love.
Communication played a crucial role in nurturing relationships, predominantly through in-person conversations, handwritten letters, and landline phone calls. These forms of communication demanded a level of effort and intentionality, making every exchanged word and every planned meeting significant. The anticipation of waiting for a letter or a scheduled phone call added depth to the emotional connection, making the moments of interaction profoundly cherished.
Fast forward to the present, and the landscape of love and relationships has been revolutionized by digital technology. The advent of the internet, smartphones, and social media platforms has expanded the horizons of how we connect, creating a global village of potential romantic encounters. Online dating platforms like Tinder, Bumble, and eHarmony, along with social media networks, have become the new norm for meeting partners, transcending geographical and social barriers.
The ease and immediacy of digital communication have transformed the dynamics of romantic interactions. Texting, instant messaging, video calls, and social media have made it possible to stay connected with a partner 24/7, regardless of physical distance. This constant connectivity can enhance the sense of closeness and intimacy in relationships, allowing couples to share moments instantly and maintain a continuous flow of communication.
However, the digital age has also introduced complexities and challenges in romantic relationships. The paradox of choice, fueled by endless options on dating platforms, can lead to indecisiveness and a ‘swipe culture’ where relationships are sometimes viewed as disposable. The curated personas on social media can also lead to unrealistic expectations, causing individuals to compare their relationships with idealized versions seen online, potentially fostering dissatisfaction and insecurity.
The integration of technology into our love lives has also redefined relationship dynamics. Digital tools have facilitated new forms of romantic expressions, such as sending love notes through texts or sharing memes that resonate with a couple’s inside jokes. Moreover, technology has enabled long-distance relationships to thrive in ways that were not possible before, with video calls and virtual reality dates offering new avenues to maintain emotional and visual connections.
Yet, this constant connectivity comes with its set of challenges. The boundaries between personal space and shared digital spaces can become blurred, leading to issues of privacy and trust. The ease of access to personal information and the potential for digital surveillance can strain relationships, necessitating clear communication and boundaries regarding digital interactions.
As we reflect on the transformation of love in the digital age, it’s clear that technology has both enriched and complicated the landscape of relationships. The key to navigating love in this new era lies in balancing the benefits of digital connectivity with the timeless values of trust, communication, and emotional intimacy. Couples need to harness technology in ways that enhance their relationship while remaining mindful of its potential pitfalls.
It’s also essential to cherish the personal, unmediated experiences that build the foundation of a strong relationship. Prioritizing quality time together, engaging in meaningful conversations, and creating shared experiences beyond the digital realm can help maintain the depth and authenticity of romantic connections.
The evolution of love in the digital age presents a tapestry woven with both opportunities and challenges. As technology continues to shape the way we connect and interact, it’s crucial to remain conscious of its impact on our relationships. By blending the best of both worlds—leveraging the advantages of digital tools while staying rooted in the principles of traditional, face-to-face connections—we can navigate the complexities of modern love. In this dynamic landscape, the essence of love remains constant: a deep, enduring connection that transcends time and technology.
Valentine’s Day, a festival of romantic love marked by the exchange of cards, flowers, chocolates, and other expressions of affection, has a rich history that spans centuries and cultures. From its ancient origins to its modern-day celebrations, Valentine’s Day has evolved significantly, reflecting societal changes in the understanding and expression of love.
The roots of Valentine’s Day can be traced back to ancient Rome and the festival of Lupercalia, celebrated from February 13th to 15th. Lupercalia was a fertility festival dedicated to Faunus, the Roman god of agriculture, and to the Roman founders Romulus and Remus. This pagan celebration involved rituals aimed at ensuring fertility and warding off evil spirits. While Lupercalia was more about fertility and purification than romantic love, some historians believe it laid the groundwork for Valentine’s Day traditions.
As Christianity spread throughout the Roman Empire, many pagan traditions were Christianized, and Lupercalia was no exception. The festival was eventually replaced by St. Valentine’s Day. However, the question of who St. Valentine was is shrouded in mystery, with several martyrs named Valentine or Valentinus recognized by the Catholic Church. The most popular legend suggests that St. Valentine was a priest in Rome who performed secret marriages for young couples when Emperor Claudius II outlawed marriage for young men, believing single men made better soldiers. Valentine’s defiance in the name of love ultimately led to his execution, but his legacy as a romantic hero endured.
The association of Valentine’s Day with romantic love truly blossomed in the Middle Ages. By this time, the middle of February was believed to be the time when birds began their mating season, adding to the day’s romantic connotations. Geoffrey Chaucer, the famous English poet, was one of the first to link Valentine’s Day with romantic love in his 1382 poem “Parliament of Foules,” where he writes, “For this was on St. Valentine’s Day, when every bird cometh there to choose his mate.” This poem and others like it helped popularize the idea of Valentine’s Day as a time for expressing love and affection.
By the time of the Elizabethan era, exchanging tokens of love on Valentine’s Day had become a common practice among the nobility. Handwritten love notes and small gifts were exchanged between lovers. However, it was during the Victorian era that Valentine’s Day as we know it began to take shape. The industrial revolution brought advances in printing technology, making it easier to produce Valentine’s Day cards en masse. These cards were often elaborately decorated with lace, ribbons, and images of Cupid, the Roman god of love. The tradition of sending anonymous cards or messages became particularly popular, adding an element of mystery and excitement to the day.
The 20th century saw Valentine’s Day celebrations become more commercialized, with a significant increase in the marketing and sale of cards, chocolates, flowers, and other gifts as essential elements of the day. The holiday became a significant sales event for retailers, and the range of products associated with Valentine’s Day expanded dramatically. Despite this commercialization, the core sentiment of expressing love and affection remained central to the celebration.
While Valentine’s Day is celebrated in many countries around the world, traditions and customs vary significantly. In Japan, for example, it is customary for women to give chocolates to men, with different types of chocolates signifying different types of relationships or feelings. In contrast, in countries like Finland and Estonia, Valentine’s Day is more about celebrating friendship than romantic love.
The advent of the digital age has further transformed Valentine’s Day, with digital communications such as e-cards, love-themed emojis, and social media posts becoming part of the celebration. Online dating services also report a surge in activity around Valentine’s Day, highlighting the role of technology in modern love and courtship.
Valentine’s Day has come a long way from its ancient and medieval origins, evolving through the centuries to become the global celebration of love and affection that it is today. Despite changes in society and technology, the essence of Valentine’s Day remains the same: a special day to express love, affection, and appreciation for the special people in our lives. As we continue to navigate the complexities of modern relationships, Valentine’s Day serves as a reminder of the timeless and universal nature of love.
As we journey through the tapestry of life, the nature of our experiences, desires, and the very essence of love undergoes a profound transformation. The quest for companionship, intimacy, and love in our senior years is painted with different shades compared to the vibrant, often tumultuous colors of youth. This evolution in seeking and sustaining love is not just a reflection of personal growth but also mirrors the changing societal attitudes, especially in the context of the digital era that continues to reshape the landscape of romance in 2024.
In youth, love often arrives like a summer storm—intense, unpredictable, and overwhelming. It’s a time of exploration, where the heart’s desires are driven by a blend of curiosity, passion, and the longing for connection. Fast forward to the senior years, and love takes on a more nuanced hue. It becomes a blend of companionship, mutual respect, shared values, and an understanding that transcends the physical. The storms of youth give way to the gentle breezes of maturity, where the depth of connection matters more than the fervor of fleeting passions.
For many seniors, finding love again is an affirmation of life’s continuing possibilities. It’s about rediscovering oneself through the eyes of another, seeking a partner to share the wisdom gleaned from a lifetime of experiences. This period of life often brings a clearer understanding of what truly matters, making love not just about finding a partner but about finding a companion who resonates with one’s deepest self.
The advent of dating apps has revolutionized the way we find love, and seniors are no exception to this digital wave. In 2024, the use of dating apps among the older generation is not just a trend but a reflection of the changing dynamics of society’s approach to love and relationships. These platforms offer a new lease on romance, providing opportunities to connect with like-minded individuals beyond the traditional confines of social circles.
However, navigating the digital dating scene can be a double-edged sword for seniors. On one hand, it offers the convenience of exploring potential connections from the comfort of one’s home, with algorithms that can match individuals based on shared interests, values, and life goals. On the other hand, the impersonal nature of digital interactions can be challenging, requiring a learning curve to discern genuine connections from the superficial.
Despite these challenges, many seniors find joy in the journey, embracing the opportunity to learn, adapt, and engage with the digital age. It’s a testament to the timeless nature of the human heart’s capacity for love, irrespective of age.
The societal attitudes towards senior romance have seen a significant shift in recent years, moving towards greater acceptance and support. The stereotype of love being the exclusive domain of the young has gradually faded, giving way to a more inclusive understanding that love knows no age.
This shift is reflected not just in the acceptance of senior dating but also in the broader cultural narratives and media representations. Stories of late-life romances are celebrated, showcasing the richness and depth of love that can blossom in the later chapters of life. This cultural shift has played a crucial role in destigmatizing senior romance, encouraging individuals to open their hearts to the possibilities of love, irrespective of age.
Despite the positive shifts, finding love in the senior years comes with its unique set of challenges. The loss of a partner, health issues, and the complexities of blending families can pose hurdles that require patience, understanding, and open communication. Yet, these challenges also present opportunities for growth, deepening the bonds of companionship through shared adversity.
Moreover, the senior dating scene is not immune to the pitfalls of modern dating, such as the paradox of choice presented by dating apps, where the abundance of options can sometimes lead to indecision and transient connections. However, many seniors navigate these waters with the wisdom of experience, focusing on meaningful interactions and the joy of companionship.
As we celebrate Valentine’s Day, it’s a poignant reminder that love is not confined to any single age or stage of life. The journey of finding and sustaining love as a senior may be different from the whirlwind romances of youth, but it is no less profound. It’s a journey marked by the wisdom of experience, the beauty of shared memories, and the courage to embrace love’s transformative power at every age.
In 2024, as we navigate the complexities of modern love, let us remember that the heart’s capacity for love is boundless, transcending the barriers of age, technology, and societal expectations. Whether through the swipe of an app or the serendipitous encounters of daily life, the quest for love remains one of life’s most beautiful adventures, offering a tapestry of experiences that enrich the soul and remind us of the enduring power of the human heart.
So, to those embarking on this journey in their golden years, know that the landscape of love is as vast and varied as life itself. Embrace the journey with an open heart, for the possibility of love is ever-present, waiting to unfold in its own unique and unexpected ways.
In this exciting episode of the “Hip Senior Podcast,” we had the pleasure of speaking with Kebe Broadnax, the owner of Seniors Helping Seniors in Hampton Roads, Virginia. Kebe and her partner run a franchise that provides crucial support and care to seniors in their community. Their inspiring story showcases the power of compassion and the impact that seniors can have on each other’s lives. Join us as we explore Kebe’s journey, the importance of in-home care, and the heartwarming stories that have emerged from their incredible work.
The Journey to Seniors Helping Seniors
Kebe’s passion for caregiving was ingrained in her from a young age. With a background in a mega-church’s senior department, she recognized the needs of seniors and the importance of providing them with personalized care. It was during the challenging times of the COVID-19 pandemic that Kebe and her fiance, Benjamin Sawyer, found themselves searching for a way to continue working while giving back to the community. That’s when they discovered Seniors Helping Seniors and embarked on a new chapter as franchise owners in the Hampton Roads area.
Impact of COVID-19 on In-Home Care
The pandemic brought significant changes to the healthcare industry, and in-home care was no exception. Kebe shares that many nurses retired or shifted their focus away from traditional nursing roles. However, this shift opened up opportunities for retired nurses, CNAs, and LPNs to provide in-home care and companionship. Seniors Helping Seniors not only filled the gaps left by facility closures but also introduced a range of support services like medical reminders, nutrition assistance, and transportation to medical appointments. The personalized approach to in-home care has proven to be a lifeline for many seniors, enabling them to receive the help they need while staying in the comfort and familiarity of their own homes.
Heartwarming Stories and Recognition
Throughout their journey with Seniors Helping Seniors, Kebe and Benjamin have encountered numerous heartwarming stories of the impact their franchise has made on seniors’ lives. One standout moment for Kebe was when she was awarded the “Everyday Hero” accolade by a local news station. This recognition came after the heartwarming story of their first client was picked up by the media, highlighting the exceptional care they provided. According to Kebe, it was not only an honor to receive the award but also an opportunity for others to understand the critical role organizations like Seniors Helping Seniors play in supporting seniors who may not have access to family or other support systems.
Kebe Broadnax and her partner are leading the way in the field of senior care through their franchise, Seniors Helping Seniors. Their dedication to providing personalized in-home care has had a profound impact on the Hampton Roads community. Throughout the challenges of the COVID-19 pandemic, Kebe and Benjamin have shown resilience and compassion, bringing light and support to the lives of seniors in need. The heartwarming stories that have emerged from their work are a testament to the power of seniors helping seniors. To learn more about Kebe’s inspiring journey and the services they offer, tune in to the full interview on the “Hip Senior Podcast.” You’ll be inspired by their commitment to making a difference in the lives of seniors, one day at a time.
(For the full audio or video interview, watch or listen to the podcast episode titled “Kebe Broadnax: Seniors Helping Seniors – A Heartwarming Franchise Making a Difference.”
In a world where the population of older adults is rapidly increasing, the role of geriatric care professionals has never been more crucial. These skilled individuals are not just caregivers; they are the pillars of support for the elderly, ensuring that the golden years of life are lived with dignity, comfort, and the highest possible quality of care. This expanded article offers an in-depth look into the daily life of a geriatric care professional, highlighting the multifaceted nature of their work, the challenges they overcome, and the significant impact they have on the lives of the elderly and their families.
Geriatric care professionals come from a variety of educational and professional backgrounds, including nursing, social work, gerontology, and even psychology. Their diverse training equips them with a unique skill set tailored to address the holistic needs of the elderly. They understand the intricacies of aging and are adept at managing various age-related health issues, from chronic diseases to mental health concerns like dementia and depression.
Their role extends beyond basic care. They are advocates, educators, and coordinators who ensure that the elderly receive comprehensive care that encompasses not just physical health, but also emotional and social well-being. This includes creating and managing care plans, liaising with healthcare providers, and offering guidance and support to families navigating the complexities of elder care.
The day begins with a thorough review of patient notes and care plans. This involves evaluating each patient’s physical and mental health status, noting any changes that may require immediate attention or long-term adjustments in the care plan. This planning phase is crucial as it sets the tone for the day, ensuring that each patient receives personalized care tailored to their specific needs.
Managing medications is a critical aspect of a geriatric care professional’s responsibilities. They meticulously ensure that all patients receive their medications correctly and on schedule, closely monitoring for potential side effects or interactions. This task requires an in-depth understanding of pharmacology, as many elderly patients have complex medication regimens due to multiple health conditions.
Engaging the elderly in therapeutic activities is essential for their physical and mental well-being. These activities, carefully selected based on each patient’s health status and interests, may include gentle physical exercises to maintain mobility, cognitive activities to stimulate mental acuity, and social activities to foster a sense of community and prevent isolation.
Personal care is a significant part of the afternoon routine. This includes assisting with bathing, grooming, and other activities of daily living, always with a focus on promoting independence as much as possible. Emotional support is equally important, as geriatric care professionals provide a listening ear and compassionate companionship, helping to alleviate feelings of loneliness and anxiety.
Collaborating with a multidisciplinary healthcare team is key to providing holistic care. Meetings with doctors, nurses, therapists, and other specialists are common, facilitating the exchange of information and the coordination of care plans. This teamwork ensures that each aspect of a patient’s health is addressed by the appropriate expert.
The day often concludes with detailed documentation. Accurate records are essential for tracking patient progress, adjusting care plans, and ensuring continuity of care. Communicating with family members is also crucial, providing updates and offering support and guidance in the care of their loved ones.
Geriatric care professionals often face significant challenges, from managing the complexities of multiple health conditions to addressing the emotional and psychological needs of the elderly. They must also navigate the often complicated dynamics of family relationships and the logistics of coordinating care across various healthcare providers.
The work of geriatric care professionals goes far beyond managing illnesses; it is fundamentally about enhancing the quality of life for older adults. By providing comprehensive, compassionate care, they enable elderly individuals to live more comfortably, maintain their independence for as long as possible, and enjoy a higher quality of life, often in the comfort of their own homes.
The role of a geriatric care professional is incredibly diverse, challenging, and profoundly impactful. They play a crucial part in ensuring that the elderly are not just cared for, but are also respected, valued, and given the opportunity to live their later years with dignity and joy. Their dedication and commitment make a significant difference in the lives of older adults and their families, making them unsung heroes in the field of healthcare.
Welcome to 2024, a year brimming with potential and promise, especially for the senior community. The dawn of a new year is more than a symbolic reset; it’s an opportunity to chart a course for personal growth, fulfillment, and joy. For seniors, setting goals is an empowering way to approach the year, ensuring that each day is not just lived but cherished. This article delves into various domains for goal setting, from health and wellness to lifelong learning, each tailored to enrich the golden years with purpose and engagement.
Reflecting on the Past Year
Reflection is the first step in meaningful goal setting. Take a moment to look back on the previous year. What achievements filled you with pride? What challenges did you face, and how did you overcome them? This introspection is not about dwelling on the past but learning from it. Consider keeping a journal where you jot down thoughts about the past year. Ask yourself reflective questions like, “What activities brought me the most joy last year?” or “What is one thing I wished I had started or continued?” Your answers will guide you in setting goals that resonate with your true desires and values.
Understanding Goal Setting for Seniors
For seniors, goal setting is a dynamic tool for enhancing quality of life. It’s about identifying what’s most important to you and taking steps to realize those aspirations. Whether it’s improving health, indulging in hobbies, fostering social connections, or embarking on personal development journeys, each goal is a stepping stone towards a more satisfying life. The trick is to set achievable, clear, and motivating goals. Consider using the SMART framework (Specific, Measurable, Achievable, Relevant, Time-bound) to give structure to your goals.
Setting Health and Wellness Goals
Health is wealth, and this rings especially true in our senior years. Physical health goals could include starting a low-impact exercise routine, like tai chi, water aerobics, or daily walks in nature. Remember, the goal is to find joy in movement rather than pushing for strenuous workouts. For nutrition, small changes can lead to big benefits. Perhaps aim to introduce one new healthy recipe each week or swap out a daily snack for a fruit or vegetable. Mental health is equally important. Engage in activities that reduce stress and promote mental clarity, like mindfulness meditation, journaling, or even simple breathing exercises. Regular social interactions and laughter are also great for emotional health.
Lifelong Learning and Personal Development
Never underestimate the power of learning something new. It keeps the brain active and can be incredibly rewarding. Why not set a goal to learn a new skill this year? It could be as diverse as digital photography, gardening, or even a new language. Many community colleges and online platforms offer courses specifically designed for seniors. Personal development can also mean exploring new genres of books, participating in a local club, or engaging in creative writing. These activities not only stimulate the mind but also provide a sense of accomplishment and joy.
Building and Maintaining Social Connections
Humans are social creatures, and maintaining strong social ties is crucial for emotional well-being. Set a goal to nurture existing relationships – schedule regular calls or meet-ups with friends and family. Consider joining a club or group that aligns with your interests, be it a book club, a gardening group, or a walking club. Volunteering is another excellent way to meet people and give back to the community. It could be at a local library, a food bank, or an animal shelter. These interactions not only enrich your social life but also contribute to a sense of belonging and purpose.
As you step into 2024, remember that setting goals is about enriching your life with experiences and activities that bring you joy and satisfaction. It’s about living each day with intention and purpose. Start small, celebrate your achievements, and don’t be afraid to adjust your goals as you go. Here’s to a year filled with health, learning, and meaningful connections. Embrace the journey, and let this be your most fulfilling year yet.
500,000 seniors a year will “lapse” their life insurance policies, meaning they stop making the premium payments and let them go. Another 2 million will surrender, or “cash out” their life insurance policies. They walk away with very little or nothing. The reason this happens is that the policy is no longer wanted, no longer needed, or no longer affordable, and people do not know there is another option. The good news is, there is – a life insurance settlement.
Let’s start from the beginning:
Ever since Benjamin Franklin helped start the first life insurance company in the U.S. in 1759, life insurance has been a key part of our lives and financial planning. Today, the U.S. is the leading life insurance premium writing country in the world with over 290 million life insurance policies in force amounting to approximately $20.3 trillion in face value. Just policyholders 65 and older have 38 million policies in force with a face value of more than $3 trillion. The Life Insurance Settlements Association’s (LISA) own research shows that Americans 65 or older leave over $100 billion in benefits on the table each year by lapsing or surrendering their life insurance policies.
Simply put, a life insurance settlement is the sale of a life insurance policy to a third party (usually an investor group) who gives the client cash for the policy. In turn, the buyer becomes the new owner of the policy, pays the premiums, and receives the death benefit when the policy matures. The client benefits from receiving substantially more than the surrender value for the policy. Last year, according to a LISA study, clients received 5 times the cash surrender value by selling the policy. Even term policies have value.
Yet, the vast majority of people do not know about life insurance settlements, including some insurance and financial advisors. Let’s answer some common questions:
What type of policies can be sold?
All types of life insurance policies can be sold, including universal life, whole life, term, second-to-die, and group policies. Universal life is the most common type of policy sold, followed by term and then whole life.
How can term policies be sold, they have an end date?
The key is that the policy must be convertible into a more permanent type of policy like universal or whole life. And, the policy cannot be past the conversion deadline. Many term policies, if convertible, have conversion deadlines based upon the age of the client, or on the length of time, the client has been insured. Some have conversion deadlines corresponding to the end of the policy term. So call your insurance agent or insurance company. They will tell you when your conversion deadline is. Looking into a life insurance settlement before the conversion deadline is important. Ideally, starting 6 months ahead of the deadline allows plenty of time to complete the settlement. Sometimes, even a non-convertible term can be sold, but that is not very common.
What size does my policy have to be to sell it?
Typically, buyers will look at policies of $100,000 in face value, and in some rarer instances, even below $100,000.
Why would I want to sell my policy?
As mentioned earlier, most people sell their policy because they no longer want or need coverage. Many times, clients purchased the policy 10, 15, or 20 years ago, but now, the reason they originally purchased the policy is no longer relevant. The policy is simply not needed any longer. Some examples are: a client has retired and no longer needs the income replacement; their home is paid off; a spouse has passed away; or a client sold their business.
Policies also become unwanted: a term policy that is about to expire; some universal life policies are becoming unaffordable as they mature; cash values in the policies have been depleted; or due to a change in finances, policies become too expensive to maintain.
What can I do with the money I receive?
Short answer – anything! Selling your life insurance policy can be a good way to bolster savings, increase retirement income, make home modifications, take that long-awaited vacation, pay for assisted living, memory care, or home care, pay down debt – anything!
What age do I need to be to qualify?
The good news is there is no qualifying age. Age can be very relevant in determining what an investor will offer on a policy. Generally, life insurance settlements are best for clients age 65 or older, but that is just a guideline. Each client’s situation is unique and personal.
I’ve never heard of a life insurance settlement. Are they legal?
Believe it or not, a U.S. Supreme Court decision in 1911 (Grigsby v. Russell) paved the legal foundation for life insurance settlements. So, life insurance settlements are not illegal, but what about being regulated? The life insurance settlement industry is highly regulated by Departments of Insurance across the country. The National Association of Insurance Commissioners (NAIC) and the National Conference of Insurance Legislators (NCOIL) have been very involved in crafting model language and disclosure notices to protect consumers, which have been adopted by the majority of states.
The Insurance Studies Institute found 90% of seniors surveyed would have considered a life insurance settlement, had they known about them. A “hidden asset” that a client was going to lapse and collect nothing, turns into “found money”. Life insurance settlements are not appropriate for everyone. We suggest you consult your advisors before considering a life insurance settlement. But if all of the alternatives have been considered, and the decision has been made to lapse or surrender your life insurance policy, a life insurance settlement can offer you significantly greater value.
Imagine navigating our busy minds like an exhilarating roller-coaster ride! Our guide is the charismatic Teepa, a world-renowned dementia specialist, as she uncovers the curious workings of memory with humor, playfulness, and intriguing anecdotes.
Listen here:
The tour introduces ‘Memory Land’ – where ‘registering is king’. Teepa guides us through a bunch of haphazardly scattered memories – a 55-year-old elephant perched on a ball, a sharp transmission – that may seem meaningless unless registered coherently. As we dive deeper into the realm of divided attention, Teepa surfaces awareness about how multitasking can limit our ability to register information effectively.
Embarking on a trip to the ‘Department Store of Memory’, we explore circuits connecting past experiences and shared knowledge. Is Macy’s a department store or a personal narrative of buying clothes with your daughter? ‘It’s both!’ says Teepa, showing us how personal and shared memories are intertwined. While we can remember where the jackets are in Macy’s, each one of us has unique memories attached to it.
The adventure concludes with a deep dive into the effects of anesthesia on memory, likening it to a prolonged sleep. Sometimes important memory cells don’t wake up properly, having a bigger impact on those with pre-existing vulnerabilities in their brains. Teepa reminds us it’s essential to consider risks and benefits, and most importantly, asks questions prior to such procedures. Now, wasn’t that a fun way to explore the maze-like territories of our brains!
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