Company-owned key man policy on a retiring business owner. Due to the costly conversion premium, the company planned to lapse the policy. The retiring business owner negotiated for the policy ownership to be transferred to him. Afterward, his advisor suggested he have his life insurance policy asset appraised for secondary market value.
Surrendering policy and interested in receiving more money
Adult children unable to pay premiums to maintain the policy.
Could no longer afford premiums
Received a lump sum and reallocated premiums for today’s needs.
Policy was no longer needed for estate planning
Client was able to fund all lifestyle and caregiving needs.
