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.
Policy was no longer needed for estate planning
Client was able to fund all lifestyle and caregiving needs.
Policy was underfunded and sitting in an ILIT
Eliminated future premium payments and used the funds for medical bills.
COVID-19 created visitation restrictions for nursing homes
She was able to remain safely at home with proper care.
