A 75 year old client had a $4 million dollar term policy that was about six months away from having the rates go up.  His rates were about $3,000 a month and were going to sky rocket up in six months.  When we met he decided that he wanted to see what new rates were for a new policy and wanted to let his present policy lapse once he was approved for a new policy.

I mentioned to him that there might be an opportunity to sell his existing policy and he was very interested. 

I had his present policy marketed to 37 funding firms to see if we would have an offer and to see who would offer my client the most money for his policy.  Funding firms will not buy term policies.  The funding firms ran Life Expectancy reports on my client, looked over all of his medical records and looked at what the cost would be when converting his present term life insurance policy to a Universal Life Insurance policy.

I was able to get my client a brand new ten year level term policy.  The client was in such great shape for his age and was given an offer of a preferred plus rating.  This was amazing to get such a great offer.  Preferred Plus is the lowest possible rates an insurance company will offer if you meet all of their qualifications.  Very rarely do insurance companies offer that rating. 

The best offer that I was able to get my client was $400,000 for the purchase of his policy.  Because my client was in such amazing shape, his offer was lower than if he were to have had some health issues.  If hew were to have heart issues, diabetes, high blood pressure, etc, he would of had a much higher offer.

My client was very happy with the offer.  He was going to let his insurance lapse anyway and felt he hit a home run by selling his policy and getting $400,000 for it.

If you have any questions, please feel free to contact:  Scott Zimmerman at www.AmericanInsurance.com

Scott Zimmerman

American Insurance Network, Inc

www.AmericanInsurance.com

Scott@AmericanInsurance.com