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- #11
Depending on her A1C levels, she should still be able to get a standard risk class. Assuming she's a non-smoker, she could potentially get that $1.6 million death benefit for a $401,xxx lump sum. Would also depend on where she is for product availability....what state is she in?
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- #13
$1.6 million, standard non-smoker no-lapse UL, single premium payment of $401,582 guarantees coverage for life with no further payments. If she cashed out her two $100k annuities and the $50k annuity, assuming out of surrender period, she could get $2.6 million of coverage with $650k lump sum. If her sole intent is to pass the money along to heirs, the life insurance is the best way to do it. If she will possibly need the money later, that might be another story. Every life insurance company will VERY intensely scrutinize her medical history on a policy of that size, especially at her age.
Whether she can qualify is another story, but it sounds like she could from what you're describing. I can't stress enough how important it is to have a good general agent on a case like this and to be licensed with 10-20 major companies, and you'd want to have her talk to a good estate planning lawyer to set up a trust. I can almost guarantee that something will get screwed up along the way on this case for one reason or another. These things always turn out to be much more difficult in the end than you intended them to be when you started.
Dgoldenz- is right it very important that you talk you a GOOD estate planning attorney if you are gonn even consider going the life insurance route, FOr example if the life insurance is going to a trust, the trust will HAVE to be set up before the insurance is even applied for. ANd with a case like this if you screw one little thing up it could cost your clients 100's of thousands of $$'s, and with 16 beneficiaries its safe to say your gonna have a few squeeky wheels.
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- #16
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