The client was a business owner, age 62, male, non-smoker with a history of melanoma and abnormal cardiac tests. He had 2 life insurance policies (personal and corporate) that he wanted reviewed.
- The term insurance policy premium is due to increase by over 2,000% in 2 years.
- The permanent policy is going to lapse in 15 years, age 77.
We completed a thorough policy audit along with concluding the underwriting process. Through our proprietary underwriting process and strong carrier relationships we improved his new risk class from decline to standard.
- Corporate Term Insurance Premium guaranteed period is 2 years
- $1,865/annual and increases to $41,500 after 2 years and increases each year thereafter.
- The Personal Permanent Policy is projected to lapse at the client’s age of 77.
- Corporate Premium Guarantee period is 15 years.
- New cost is $5,535/annual
- New Corporate Policy guaranteed for client’s lifetime regardless of current and future market conditions
- Corporate Term Insurance – Increased the length of the premium guarantee period from 2 years to 15 years which saved the client over $500,000 in premiums over the 15 year period.
- Personal Permanent Insurance – A new policy with the same coverage and premium is guaranteed not to lapse for his entire lifetime.