February 15, 2020
Elder Abuse in America – The Numbers Are In
New data from the Department of Health and Human Services shows that in 2018 there were over 282,000 cases of elder abuse reported. Among the types of abuse reported were neglect (37,677 cases), financial exploitation (33,685 cases), emotional abuse (25,321 cases), physical abuse (20,406 cases), and “other” (17,606); but the largest category unfortunately was self-neglect which eclipsed the preceding five categories combined at 144,296 cases reported. This startling figure has been on the rise in recent years, and these were only the cases which were reported.
The causes of elder self-neglect range from illness, cognitive decline, the loss of a loved one, and a lack of financial resources. According to a 2009 study, after analyzing data from 10,000 seniors the study found that elder self-neglect is linked to a significant increase in the risk of premature death- as much as 15 times higher.
The good news is that there is a growing awareness of a funding option for seniors who own a life insurance policy. Life settlements are growing in popularity, as a way for seniors to sell a life policy they no longer want or need and help provide funds for the care and services that they may need. This option has helped many seniors pay for services like in-home care, assisted living, and nursing home care.
You can get an instant estimate of the value of your life insurance policy by visiting our Life Settlement calculator. You can also talk to one of our experts by calling us at 866-679-9410 or leave your information here for us to contact your to discuss your situation. Our team is available and ready to explain to you all that you would want to know about life settlements.
Author: Steven Shapiro
Steven Shapiro is the founder of the Company and also the President and CEO of Q Capital Strategies, LLC and Life Settlement Solutions LLC. Steven has been active in the life settlement industry for the last 18 years. In addition to his life settlement experience, Steven has expertise in strategic consulting, investment banking advisory services, and private equity investing. Steven holds a B.A. degree in economics from the University of Pennsylvania and an M.B.A. in finance and entrepreneurial management from The Wharton School of the University of Pennsylvania. Steven is also the immediate past Chair of LISA (having previously served as Chair), the Life Insurance Settlement Association, the oldest and largest trade organization in the life settlement industry.