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.
Restaurant owner in his early 70s
Businesses were severely affected by the COVID-19 pandemic.
Donated policy to a charity ran out of cash value to pay premiums
Donor was able to create a living legacy and enjoy seeing the gift used while living.
Surrendering policy and interested in receiving more money
Adult children unable to pay premiums to maintain the policy.
