PlanGap & Insurex partner in social security reinsurance – Community News
Social Security

PlanGap & Insurex partner in social security reinsurance

PlanGap, a financial product innovation company, has formed a strategic partnership with insurance consultancy Insurex to develop reinsurance solutions for the Social Security Protection market.

According to recent research data, 7 out of 10 Americans age 45 or older doubt they will receive their full Social Security benefits as promised.

The main concern is that if Social Security benefits are cut, as disclosed by the Social Security Administration, a 24% cut could derail a majority of retirement plans.

By 2033, payroll taxes collected are expected to pay only about 76% of planned benefits, and Social Security statements indicate that benefit amounts could be reduced because of this projected funding gap.

“For most Americans, Social Security is the foundation of their retirement plan,” said David Duley, founder and CEO of PlanGap. “Our reinsurance strategy enables our carrier partners to broaden the solutions they can offer to their customers.”

“The PlanGap team has delivered transformative change in the insurance industry,” added Fred Jonske, Managing Partner for Insurex and former President and CEO of M Financial Group.

“This is a new reinsurance risk category that is not correlated with mortality or wealth risk. We are excited to work with PlanGap’s suite of intellectual property related to Social Security protection.” At M Financial, Jonske and his team built the world’s largest producer-owned reinsurance company.

Richard Drye, Managing Director of PlanGap also noted, “PlanGap is committed to partnering with the greatest minds in insurance, reinsurance and finance to make PlanGap’s Social Security protection solutions more accessible to the American public. We are excited to announce our partnership with the incredibly talented group at Insurex.”

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