A 84 year old male had three policies. One policy through Protective Life and the other two with West Coast Life.
The policies had face amounts of $190,000, $200,000 and $330,000. The total annual premiums on the policies were approximately $36,000.
The insured was using the cash value of the policies to pay the premiums. His cash surrender value on all three policies totaled only $21,600.
The Problem or Challenge
The insured resided in an assisted living center. He was paying for his long-term care
out of pocket. He was struggling to pay this on going expense.
The Source of the Lead
The policy received a purchase price of $288,000.