At the beginning of the COVID pandemic, we were presented a case from a writing agent. The client owned a $1.5M expiring Genworth term policy. The conversion deadline loomed within a few weeks and it was an uncertain time in the world.
The insured, a 68 year old male, did previously have leukemia but was healthy and didn’t have a need for this much coverage. He certainly would not be willing to pay the more expensive premiums on a converted policy. It did not look like an easy case, and most buyers declined to offer due to his age and longer life expectancy. However, Settlement Benefits Association found a buyer willing to purchase the policy and secured over $400,000 for the client.
Both the agent and the client were pleasantly surprised with the offer, and eager to complete the deal.