An 83 year old female had a $2,000,000 life insurance policy with New York Life with a cash surrender value of $68,000. The annual premiums were $90,000.
An 84 year old male had three universal life 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 to pay the premium. His cash surrender value on all 3 policies totaled only $21,600.
An 86 year old male had a $15,000,000 face amount life insurance policy from AXA Equitable with a cash surrender value of $1,500,000. The annual premiums were $570,000.
A 90 year old female had a $3,000,000 life insurance policy with Mass Mutual with a cash surrender value of $80,000. The annual premium obligation was $96,000.