Grandpa Joe Avoids High Premiums with a Life Settlement!

Posted: May 04, 2023 by John Welcom

Grandpa Joe received $112,025 for selling his life insurance policy

Joe, a 70-year-old retiree, faced a challenging situation with his 20-year $1,000,000 term life insurance policy.  The term conversion deadline was rapidly approaching, and future premiums were scheduled to increase from $3,030 to $58,000 per year.  Joe told his advisor that he was both uncomfortable and unwilling to incur such a higher annual expense.  Instead of allowing the term policy to lapse, the advisor suggested exploring the life settlement option with Welcome Funds.

Joe, a 70-year-old retiree, faced a challenging situation with his 20-year $1,000,000 term life insurance policy. The term conversion deadline was rapidly approaching, and future premiums were scheduled to increase from $3,030 to $58,000 per year. Joe told his advisor that he was both uncomfortable and unwilling to incur such a higher annual expense. Instead of allowing the term policy to lapse, the advisor suggested exploring the life settlement option with Welcome Funds

We completed a quick policy appraisal, determined that it had market value and initiated our auction platform to sell the life insurance policy. We received 10 different offers. Ultimately, Joe sold his policy for the top offer in the market, which was $112,025.

In addition, the advisor benefited from a settlement commission and was paid on the term conversion from the carrier as well. The transaction was a big win for all parties involved.

Policy's Insured

Male | Age 70

Health Status

Poor

Policy Type

Term Life Insurance Policy

Face Amount

$1,000,000

Annual Premium

$58,000

Surrender Value

$0

Life Settlement Payout.... $112,025




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