Get multiple FE policies?

[goillini52]

I know about viatical settlements. I don't know if they also apply to term policies.

If they don't apply to term policies, but he can convert the policy to a permanent policy, then it's an option.

I'll look into it either way.

Thanks for the suggestion.

 

[InsuranceIsLife]

I know about viatical settlements. I don't know if they also apply to term policies.

If they don't apply to term policies, but he can convert the policy to a permanent policy, then it's an option.

I'll look into it either way.

Thanks for the suggestion.

Yes, you can do a life settlement with term policies. It's not that rare at all. I've done them. If it's just his PSA level, that's likely not going to be enough as you said he was otherwise very healthy. It could be small like a UTI or BPH causing the high PSA, plus prostate cancer has a 5 year 99% survival rate.

Nothing to lose in trying, still worth a shot. Here's my suggestion:

Convert 100k of the 1.5mm term and leave the other 1.4mm in force. If he wasn't rated on current policy he should be able to convert at standard rates, which would be way less costly. Get that 100k in force and then shop to see if anyone would be willing to buy his term. 2 commissions on 1 policy.

I have the term conversion guides for basically every carrier along side name of product if you want me to look that up for you.