A study by the Insurance Studies Institute finds 73% of seniors owning life insurance say they bought their policies to provide for beneficiaries, and the other 27% purchased policies for other reasons.
The study of 218 seniors also found 51% of seniors were not aware of the option to sell unwanted policies as a life settlement.
Of the 40% of respondents who have lapsed or surrendered a policy, 61% would still rather lapse or surrender the policy after reading a simple definition of a life settlement, ISI, Keystone, Colo., says.
However, 69% of the respondents said they had no concern with an investor owning a policy on their life, according to ISI.
