Key to Success: Carrier Selection / Underwriting Exception
Applicant Summary:
- M, 74, Average Health, No Tobacco Use
- Need: $10,000,000 of 10-Year Level Term Life Insurance
Advisor calls CPS Advantage for options for a successful business owner whose existing term insurance premium would rise to $170,785 at the end of the current policy year. Are there better alternatives with another highly rated life insurer? Yes!
Advisor’s Primary Insurer
- Does not offer 10-year level term insurance at age 74
Top Rated Alternate Insurer
- Our underwriting directors negotiated a preferred offer
- Annual Premiums: $148,299 – guaranteed level to age 84
- Premium Savings: $22,486 in year one, additional savings in subsequent years as prior policy had annually increasing premiums.
- 10-Year Level Term life insurance is available to age 80
- Buy-sell completion coverage and key-person are the most common reasons for 10-year level term with issue ages 60 – 80
