The Challenge
A long-standing P&C agent presented a case involving a 68-year-old client seeking $500,000 of 20-year term life insurance with a projected premium of $7,000. Due to the client’s medical history, the policy was highly rated, raising the premium to $22,747, which the client was unwilling to accept. To find a solution, our team shopped the case with several carriers and involved a reinsurer to explore special programs for impaired risks.
The Solution
We successfully secured standard offers with premiums closer to the original projection, leading the client to purchase $1.5M (3x the original amount) of coverage through a combination of 15- and 20-year term policies with a total premium of ~ $29,000. This resulted in an extremely satisfied client who is now exploring LTC insurance and has asked if he can refer other life insurance clients.
The agent, thrilled with the outcome, was able to quadruple the original premium and use this success to further highlight the value of his services.