Case Summary on a 82 year old female

The planned giving professional at an assisted living facility contacted us regarding this case.  He had a client who could no longer afford the care of his facility.  She had previously donated her own life insurancy policy to the facility, with the promise to continue making premium payments, which she also could no longer afford.  Seeking creative solutions that would allow his client to stay at the facility, he asked for an evaluation of this charity-owned $1,000,000 universal life policy.  After shopping the marketplace, we determined the fair market value of the policy to be $150,000, which they decided to accept.  The proceeds were used to pay for the client’s care and create a win-win situation for everybody.

Filed Under Case Summaries, Resources 

Case Summary on a 71 year old male

This client approached us about conducting a policy evaluation on his $200,000 universal life policy.  With his premiums of a little over $12,000 annually and no surrender value left in the policy, he no longer wanted to maintain the coverage.  Although it is more difficult to gather bids on smaller face values, we were able to get 4 competitive bids on this case.  The client accepted the bid of $54,000.

Filed Under Case Summaries, Resources 

Case Summary on a 66 year old male

This client approached SBA about his desire to appraise a term life policy that he was not going to convert and was going to lapse.  We shopped the market extensively on his $2,000,000 term policy and were able to secure a high bid of over $230,000.  The client gladly accepted and used the proceeds to pay off debt.

Filed Under Case Summaries, Resources 

Case Summary on a 78 year old female

This case, brought to us by the original writing agent on the insurance policy, was part of an estate that no longer needed this additional $750,000 worth of insurance protection.  The annual premiums were approximately $19,000.  The client accepted an $110,000 offer, which represented almost 6 times the $19,000 cash value of the policy.  The proceeds were used to fund a college savings account for her grandchildren.

Filed Under Case Summaries, Resources 

Case Summary on a 84 year old male and 81 year old female

These clients anticipated changing needs in their estate plan.  They asked us to evaluate part of their insurance portfolio.  After careful consideration, they decided to settle a $2,000,000 joint survivorship universal policy and a $1,000,000 joint survivorship universal policy.    The high bids they accepted were $572,580 (16 times cash value) and $260,000 (13 times cash value) respectively.

Filed Under Case Summaries, Resources 

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Life Settlement licensing requirements vary by state. In some states, life agents and other financial professionals must be licensed to source policies or receive commissions. Settlement Benefits Association is not licensed in all states. Some or all of the proceeds of a Life Settlement may be taxable under federal or state income tax laws. Advice from a professional tax advisor is recommended. This web site is not currently approved in the states of Oklahoma or Texas. This web site does not apply to variable life settlements. Receipt of proceeds may impact eligibility for government benefits and entitlements. Prior to sale, the insured should consider the continued need for coverage, impact to estate plans, availability of insurance, cost of comparable coverage or tax implications.