A 75 year old man had a $1,000,000 universal life policy with Genworth. The annual premiums were $32,000. There was no cash value.
The Problem or Challenge
As circumstances change so does our financial goals. When the insured’s wife passed away he felt he no longer needed his insurance policy.
The Source of the Lead
Referral from the insured’s financial advisor, a certified financial planner (CFP).
After bringing the policy through a competitive bidding process with multiple bids, the seller accepted a high offer of a purchase price of $175,000. He was thrilled to place a ma-jority of the proceeds in his granddaughters college education fund.