A 70-year old retired executive had a $1,000,000 term policy from Prudential with annual premiums of $26,000.
The Problem or Challenge
The insured enjoyed a net worth of over $10,000,000 but was not liquid. He had a need for liquidity.
The Source of the Lead
Direct contact with the insured. Met the insured while playing golf at the country club.
The term policy was able to be converted to a universal life policy and sold as a life settlement. The insured received a purchase price of $116,000.