NEWPORT BEACH, Calif., June 07, 2017 (GLOBE NEWSWIRE) — Broadtower Insurance Solutions® (www.Broadtowerinsurance.com) is teaming with GWG Life (www.gwglife.com) to launch a National Educational Program to promote options for seniors facing long-term care.
GWG Holdings, Inc. (Nasdaq:GWGH), the parent company of GWG Life, a financial services company committed to transforming the life insurance industry through disruptive and innovative products and services, announced it is partnering with Broadtower Insurance Solutions to roll out a national education and outreach program, featuring the LifeCare Xchange, a suite of innovative financial products that will help address the long-term care needs of aging Americans.
GWG Life specifically designed the LifeCare Xchange in response to the issue of Americans’ failure to plan for the cost of long-term care, one of the most potentially devastating financial challenges families are facing. “Failure to plan for long term care is one of the hidden dangers of retirement planning,” said Chris Orestis, GWG Life’s Executive Vice President of Life Insurance Secondary Markets. “While 70 percent of Americans will use some form of long-term care during their lives, Associated Press-NORC Center for Public Affairs Research shows that only 35 percent have set aside money to pay for long-term care needs. The LifeCare Xchange products provide a solution to help pay for care.”
As a leader in the life insurance secondary market, GWG Life has specialized in turning life insurance policies into assets that can be used for a variety of needs in retirement. In creating the LifeCare Xchange, GWG Life has focused on long-term care, eliminating premium payments and in many cases providing a tax-free benefit exempt from Medicaid spend-down requirements that can be used for health care and senior living expenses.
Orestis and other GWG Life experts, along with Broadtower personnel, will begin an agent training tour covering over 40 cities across the country. They will train agents on how to talk to clients about their needs and the possible sources they can use to pay for the needs of their clients and loved ones. Among the products is a medically underwritten single premium immediate annuity or SPIA, created for seniors over the age of 70 that provides income for life.
“There is an enormous need for products serving this demographic,” said Ron Hagelman, President of Broadtower. “The number of Americans needing long-term care will continue to grow as the Social Security Administration reports that 10,000 baby boomers will reach retirement age daily for years to come. It is important we introduce innovative solutions today to help those who failed to plan.”
As part of the national training initiative, GWG Life and Broadtower plan to create a non-profit educational organization to help insurance agents have these conversations with families and provide information for the general public.