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.
Client outlived all planning and premiums were due
The adult children no longer needed to fund the caregiving needs.
Their needs had changed, and they no longer needed the policy
They were able to uncover significant liquidity and fund their retirement.
Restaurant owner in his early 70s
Businesses were severely affected by the COVID-19 pandemic.
