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Many Americans fear running out of money more than they fear death — which makes it extra sad that they’re leaving money on the table. (Abel, dying, by┬áJean-Baptiste Stouf)

There’s been a distressing story in the financial media lately: American seniors are apparently leaving $ 112 billion in life-insurance benefits on the table each year. That’s certainly not great news, but it isn’t and doesn’t have to be as bad as it sounds.

In a nutshell
Let’s back up and review the facts. Several surveys in recent years have offered similar information. Most recently, the folks at the Life Insurance Settlement Association released survey results finding that Americans aged 65 and older give up about $ 112 billion in life insurance benefits each year, either by surrendering their policies or by simply letting them lapse, resulting in the policies being terminated. The numbers reflect more than 1.1 million policies and are based on data from 2008. It’s estimated that current numbers would be even higher.

It’s not terribly hard……….. continues on Motley Fool.

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