About half of a group of senior citizens owning life insurance policies was unaware it could sell its life policies for cash, according to a new survey.

The survey of more than 500 people age 62 and older was conducted for Golden Gateway Financial, a California-based life settlement firm, and the Insurance Studies Institute, a non-profit foundation advancing knowledge and understanding of the insurance industry’s economic and social impacts in a free market economy.

The groups said the study shows that “a majority of these individuals are in a position to immediately benefit from life insurance policies that they currently own but no longer need,” according to the joint statement on the results.

Given that older Americans are increasingly feeling pressure from the same issues affecting the larger economy, such as falling home values, losses in their investment portfolios and difficulty in obtaining loans or lines of credit, industry experts say more of them may start turning to life settlements as a means of increasing income. At the same time, financial experts are saying life settlements could be poised for a significant influx of money as investors seek safer investment instruments to avoid the stock market’s ups and downs.

“Life settlement has historically been a financial tool reserved almost exclusively for the wealthy or those with financial planners,” said Eric Bachman, founder and CEO of Golden Gateway Financial, in a statement. “Now, as life settlement becomes more mainstream, more older Americans can better afford the retirement they desire and deserve.”

Exactly 80% of those surveyed said they own some type of life insurance and 77% were retired. About 80% of respondents earned less than $75,000 a year in income.

Nearly 60% said that given the economy, they were concerned their savings and overall net worth may no longer be enough to sustain them through retirement, and 12% said they were concerned that they would no longer be able to maintain life insurance payments and risk a lapse in coverage.

To get through the financial crisis, about 30% said they were considering returning to work in some capacity or remaining in the work force longer.

“The survey data shows that most people purchase life insurance presumably for good economic reasons and to benefit loved ones,” said Paul Siegert, president and CEO of Insurance Studies Institute, in the statement. “But the data also clearly shows that this economy has put stress on their ability to continue paying premiums, or has led them to doubt whether the reasons to continue owning the policy remain valid.”

The independent online survey, conducted with United Sample, Inc. in partnership with Golden Gateway Financial, polled a nationwide representative sample of more than 500 senior citizens aged 62 or older.