PlanGap, a financial product innovation company pioneering Social Security protection, and Insurex have entered a strategic partnership to develop reinsurance solutions for the Social Security Protection marketplace.
Founded in 2017, Atlanta-headquartered PlanGap is a product innovation company that offers life insurance products to solve previously unaddressed financial concerns for retirees. The company aims to empower Americans to be in control of their retirement income with its Social Security Protection, provided by highly rated insurance carriers.
A recently released 2021 Social Security Trustees Report highlights the “dire condition of the Social Security Trust Fund and the need for better solutions as funds continue to deteriorate,” PlanGap said.
The company pointed to a recent Social Security Confidence Survey which revealed that seven out of ten Americans age 45+ doubt they will receive their full Social Security benefits as promised.
Insurex is an advisory group, leveraging the judgement and integrity of its strategic thought leaders, with knowledge extending from strategic direction, reinsurance, mergers and acquisitions, InsurTech solutions, capital markets, product manufacturing and distribution alternatives.
Fred Jonske, managing partner for Insurex and former president and CEO of M Financial Group, said, “The team at PlanGap has created a transformational change in the insurance industry. 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.”
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