A long-time lurker with my first question.
My wife's financial institution just merged with a larger bank. She is now a member of the senior leadership of the combined entity. The acquiring entity is a BOLI purchaser. The president informed the leadership that they will soon be making BOLI purchases on the new officers and they will be asked to consent.
My question is, if her employer purchases BOLI on her life, will that limit the amount of insurance we can purchase on her life? Changes in her employer provided insurance amounts and a term policy that will mature in about four years have us beginning to evaluate our own coverage. We would be looking at a policy in the $500 thousand to $1 million range, I have no idea how much BOLI they are intending to purchase.
Do we need to rush and apply before her employer does?
My wife's financial institution just merged with a larger bank. She is now a member of the senior leadership of the combined entity. The acquiring entity is a BOLI purchaser. The president informed the leadership that they will soon be making BOLI purchases on the new officers and they will be asked to consent.
My question is, if her employer purchases BOLI on her life, will that limit the amount of insurance we can purchase on her life? Changes in her employer provided insurance amounts and a term policy that will mature in about four years have us beginning to evaluate our own coverage. We would be looking at a policy in the $500 thousand to $1 million range, I have no idea how much BOLI they are intending to purchase.
Do we need to rush and apply before her employer does?
