OAKLAND, CA -- (Marketwire) -- 06/02/09 -- Brookdale Senior Living, the largest owner and operator of senior living communities, today announced that it has selected Golden Gateway Financial, a comprehensive financial resource for seniors and retirees, as a preferred provider of life settlement solutions for current residents and those seniors seeking a better retirement lifestyle.
Today's older Americans are increasingly feeling the economic strain of falling home values and losses in their investment portfolios. Many of those same individuals hold life insurance policies, but have not realized they could benefit from this asset today. Through life settlement, or the practice of selling a life insurance policy for more than its cash surrender value, many seniors could realize immediate financial gain to help fund their retirement.
"Our goal is to make it easier for seniors to benefit from the daily experience available in our communities," said Roger Thiele, senior director of product line management for Brookdale Senior Living. "Golden Gateway Financial offers a simple way for seniors to learn more about life settlement, easily assess the value of their policy, and then find the best offer for their policy. Life settlement transactions can help older Americans afford the services and care they need and deserve."
As with any financial product, life settlement is not for every policyholder and should be researched carefully. However, there are a number of reasons policyholders may choose to sell their policies, such as when the policy outlives its intended beneficiary, when the policy is in danger of lapsing because of unpaid premiums, or simply because the policyholder is in need of a cash infusion.
Through Golden Gateway Financial and its life settlement solution, Brookdale Senior Living's 52,000 residents can generate additional income to help with unexpected expenses, to better make ends meet, or to augment their current retirement lifestyle. Prospective residents can also use life settlement as a way to generate cash to ease the transition into a senior living community.
"Historically, life settlement has been an option reserved almost exclusively for wealthy executives or those with financial planners," said Eric Bachman, founder and CEO of Golden Gateway Financial. "Now, as life settlement has evolved into a more mainstream financial tool, almost anyone with a policy they no longer need can generate additional cash."
Life settlement is the practice of selling an existing life insurance policy for cash before it lapses. Currently, more than 85 percent of all life insurance policies never pay a death benefit(1). As part of a settlement, an investor offers a lump sum cash payment to a policyholder in exchange for assuming ownership of the policy and the payment of premiums. It often makes sense for policyholders to engage a broker to find an investor because offers on the same policy can vary greatly.
Life settlement is available for universal, variable, term, and whole life insurance policies. It is important to note that life settlement is not just for large policies. Nearly 80 percent of policies held by seniors are valued at between $100,000 and $200,000.
Golden Gateway Financial is a life settlement broker that can help individuals sell a policy worth $50,000 or more. At www.goldengateway.com, policyholders can use a simple, intuitive life settlement calculator to determine how much their policy may be worth and how much money they will save by not paying the premiums. This proprietary calculator will also be available at the Brookdale Senior Living website www.brookdaleliving.com.
Additionally, Golden Gateway Financial offers policyholders a dedicated expert who will explain and simplify the transaction from the beginning, a streamlined process with minimal paperwork, and a team of counselors who will scour the marketplace of close to 50 investors and negotiate with interested parties on their behalf.
For more information on life settlement or to access Golden Gateway Financial's entire suite of retirement products and tools, including its life settlement content and calculators, please visit http://www.goldengateway.com.
About Brookdale Senior Living
Brookdale Senior Living Inc. is the leading owner and operator of senior living communities throughout the United States. The company owns and operates independent living, assisted living, dementia care, skilled nursing and continuing care retirement centers. In all, Brookdale operates 550 communities in 35 states with a capacity to serve approximately 52,000 residents, as well as operating a dedicated rehabilitation and therapy group serving its communities and residents nationwide. Brookdale is committed to providing exceptional living experiences within properties that are purpose-built, designed and operated to help residents live well while achieving an Optimum Life®. Brookdale Senior Living communities provide a daily experience of programs, services and care that are unique as a result of the collective talents and inspiration of the residents, their families, and its associates -- demonstrating Brookdale's promise of "Our People Make the Difference." Brookdale is a publicly-traded company (NYSE: BKD). For more information, visit http://www.brookdaleliving.com.
About Golden Gateway Financial
Golden Gateway Financial (www.goldengateway.com), located in Oakland, California, is a comprehensive resource for senior citizens, baby boomers and soon-to-be retirees to assess their financial health at retirement. Through a unique set of online tools and clear and unbiased communication, the company helps individuals address "The Great American Retirement Dilemma." The tools enable users to better assess the security of their nest egg and to make intelligent choices to fully enjoy what should be the best years of their lives. The company also operates the industry's premier reverse mortgage and life settlement services with proprietary calculators and products for each, and a team of trained counselors to help seniors better understand the products and evaluate whether they are right for them.
(1) Understanding Life Settlements and Industry Issues Entering 2008, Insurance Studies Institute, 2008