$1.5M in Life Insurance Secured on 22 Physicians!
THE CLIENT
A large physician group
THE SCENARIO
A physician group required $1.5 million in life insurance coverage for 22 physician executives to fund key man insurance. They were particularly interested in a streamlined underwriting process.
RECOMMENDED PLAN DESIGN
This plan design met all Guaranteed Issue Guidelines and readily secured approval to be implemented
THE RESULTS
The owners secured a $1.5 million policy to fund the key man life insurance. Each individual obtained a 10-year, guaranteed level premium term life policy, which is readily portable upon termination. These policies are also convertible to permanent insurance, allowing coverage to continue beyond 10 years on a cost-effective basis. The annualized life premium is approximately $190,000, securing a total death benefit of $33 million for the physicians.