Recently, the son of an 88 year old male approached Settlement Benefits Association to request an appraisal on his father’s life insurance policy. The son could no longer afford to pay both the premiums on the policy and the nursing home expenses the father required. Although the $205,000 policy is considered small in our industry and the insurance carrier rating was “B”, we were able to overcome these hurdles and generate bids by showing his extensive medical history to the life expectancy underwriters.
The final offer satisfied the son, and we were to complete the transaction for the family.