An 81 year old male had a total of $15,000,000 in life in-surance from New York Life. The $10,000,000 policy had an annual premium payment of $583,000. The $5,000,000 face amount had an annual premium payment of $424,000. The combined annual premiums were $1,007,000. The combined cash surrender value on the 2 policies was only $347,000.
The Problem or Challenge
A family heavily invested in real estate had a major fi-nancial downfall. The head of the family had a total of $15,000,000 in face amount of life insurance policies, life in-surance they could no longer afford.
The Source of the Lead
Direct mail that was responded to by the insured’s CPA.
The total purchase price of the 2 policies was approxi-mately $1,360,000. The insured enjoyed a purchase price of more than $1,000,000 over the cash surrender value.