Life insurance products provider PlanGap has turned to Insurex to architect reinsurance solutions for its Social Security Protection marketplace.
Atlanta-based PlanGap offers annuity as well as life insurance products to serve retirees.
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Set up in 2017, the firm partners with insurance carriers and distribution partners to meet this goal.
Seven out of ten Americans aged over 45 years doubt they will get their full Social Security benefits as promised, stated a recent Social Security Confidence Survey.
A key concern is that if Social Security benefits are cut down as revealed by the Social Security Administration, a 24% decrease could hit bulk of retirement plans.
Commenting on the strategic alliance with Insurex, PlanGap stated: “For most Americans, Social Security represents the foundation of their retirement plan.
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By GlobalData“Our reinsurance strategy will allow our carrier partners to broaden the solutions they are able to offer to their clients.”
Meanwhile, the 2021 Social Security Trustees Report unveiled the dire state of the Social Security Trust Fund.
Payroll taxes are expected to pay only around 76% of scheduled benefits by 2033, and this funding gap might trigger a reduction in benefit amounts.
Insurex managing partner Fred Jonske noted: “This is a new category of risk for reinsurance that is not correlated to mortality or asset risk.
“We are excited to work with PlanGap’s suite of intellectual property related to Social Security Protection.”
