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How to Sell Your Life Insurance Policy for $145,200 Instead of $0!
Posted: July 01, 2022 by John Welcom
John purchased a 10-Year Level Term Policy at age 59 to provide his wife with financial security. Ten years later, John and his wife were faced with the decision to convert the policy into permanent coverage at a cost of $35,825.00 per year or pay the annual renewal rates, neither of which was financially feasible. Since the policy served its original purpose and maintaining coverage was not an option, the couple was prepared to let the policy expire. Thankfully, John's life insurance agent suggested he explore the life settlement option rather than letting the policy lapse.
IS YOUR CLIENT’S TERM LIFE INSURANCE POLICY ABOUT TO EXPIRE?
John purchased a 10-Year Level Term Policy at age 59 to provide his wife with financial security. Ten years later, John and his wife were faced with the decision to convert the policy into permanent coverage at a cost of $35,825.00 per year or pay the annual renewal rates, neither of which was financially feasible. Since the policy served its original purpose and maintaining coverage was not an option, the couple was prepared to let the policy expire. Thankfully, John's life insurance agent suggested he explore the life settlement option rather than letting the policy lapse.
|
Policy's Insured |
Male | Age 68 |
|
Health Status |
Poor |
|
Policy Type |
Term Life |
|
Face Amount |
$1,500,000 |
|
Annual Premium |
$35,825 |
|
Surrender Value |
$0 |
Life Settlement Payout.... $145,200
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