A life insurance agent recently conducted a yearly review of his client’s life insurance policy. Noting that the policy was soon to run out of conversion privilege, he decided to explore options on this policy. After realizing the estate had shrunk and the need for insurance was less than previously calculated, the agent recommended a Life Settlement for the client.
After waiting for the 8 week underwriting process to complete, he was happy to learn that SBA had found an institutional life settlement provider who would allow him to convert the policy as the writing agent and sell the new universal life policy for a percentage of the death benefit. Without the annual review, the agent never would have found the opportunity that the client needed to fund a long term care product that he desired.