What was the purpose for the cash value in the first place? If the cash value isn’t needed, why not move it into a vehicle that would allow your client to maximize their dollars. Depending on your client’s unique situation, you could help your client maximize their dollars by moving the Cash Value into a Guaranteed Universal Life Insurance policy which would give them a significant amount more of Death Benefit.
Here is a recent example:
- 56 year old, Preferred risk male who owned a Whole Life policy
- Whole Life policy had $130,000 in cash value
- Whole Life policy death benefit was $508,000
- Whole Life policy continued annual premiums were $7,000 until age 100
- Client did not need the cash value
- Client primarily needed and wanted death benefit
- This client chose to move the cash value into a Guaranteed Universal Life policy and short pay the premiums so that when he retires, there would be no further premiums due.
The above scenario allowed the client to maximize their dollars by almost doubling his death benefit while significantly lowering his future premium outlay. This could be a great option for one or more of your clients as well. Call us when you are reviewing your next client file so we can help you design a case that is innovative and puts your client’s money to its best use! We look forward to helping you maximize your client’s un-utilized Cash Value!
Thank you for your business!