One of the major life expectancy underwriters in the life settlements market, 21st Services, said yesterday that it will provide lifespan forecasts for the financial planning market.
The Minneapolis-based company said it’s developed a new product for clients of financial planners.
The new product, based on medical, health and lifestyle information provided by clients themselves, is significantly less costly at $60 than the traditional life expectancy report that costs about $300 and involves expert analysis of a client’s medical records.
“We see plenty of room to grow in our original market, life settlements,” said Jeanne Bailey, chief marketing officer for 21st, in a statement. “A natural extension is into the financial planning arena.”
She said the company’s new product will be especially helpful for people planning their retirements.
“We know that a primary financial concern for consumers, particularly Baby Boomers and retirees, is making sure their money will last as long as they do,” Bailey added. “We can offer planners, for the first time, a way to get a truly scientific estimate of how long, in each client’s individual case, that needs to be.”
21st Services shook the life settlement market in September when it lengthened its lifespan estimates by 20% to 25%.