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.
Solution
We successfully secured standard offers with premiums closer to the original projection, leading the client to purchase $1.5M of coverage through a combination of 15- and 20-year term policies with a total premium of ~$29,000. This resulted in significant satisfaction for both the client and the agent, generating potential for long-term care insurance sales and future life insurance referrals. The agent, thrilled with the outcome, was able to quadruple the original premium and use this success to further highlight the value of our services.