You know the one.  You helped them fund it with life insurance four years ago.  The business has grown by leaps and bounds.  You know that the coverage is inadequate.  What now?

The obvious answer is sell them more insurance!  That is what most of us do after all.  The question is how?  They're busy, and the buy/sell agreement is off in a drawer gathering dust.  The issue of funding is not exactly top of mind like it was four years ago.  So the real answer is to find a way to obtain more coverage that does not involve the usual intrusion into their lives that is the underwriting process. 

Easy, right?  Not so much.  Guaranteed issue policy pricing is out of sight for individuals, and there are not enough owners to qualify for a group policy, so those are out.  Maybe one of those simplified issue programs from the traditional carriers.  Programs that are based on a prior underwriting.  You know the ones I'm talking about:

• Face amounts of $1mil or less
• Original policy needs to be fully underwritten
• Original policy needs to be in force
• Original policy has to be from a list of approved carriers

So what's the problem?  Well, these are conversions, and by definition, permanent products.  That does not result in more coverage, just different coverage.  Did I mention no partial conversions?  So much for that idea.  Until now.  What makes this different?  How about this:

• A program that offers additional term coverage
• Face amounts up to $1mil
• Original policy needs to be fully underwritten
• Original policy has to be from a list of approved carriers
• The original policy does not even need to be in force as long as we can document the policy specs!

So the buy/sell thing is a clear opportunity (We can help with a new valuation for financial underwriting purposes.  Call me if you need help.)  Where else could this apply?  Lapsed policies!  With the economic turmoil more than one policy out there has lapsed.  Here is an easy way to reestablish the needed coverage.  Sold them the business insurance but did not do anything on the personal side?  The list goes on and on.  One finer point - the client's health need to be more or less the same as it was for the initial underwriting.  No hiding impaired risks here!

Click here for the program details

Regards,