$1.5M in Life Insurance Secured on 22 Physicians!
Client
A physician group
Scenario
- A physician group needed $1.5M of life insurance on 22 physicians executives to fund key man insurance coverage.
- Interested in streamlined underwriting.
Recommended Plan Design
This plan design met all Guaranteed Issue Guidelines and readily secured approval to be implemented.
Outcome
AT A GLANCE
$1.5M
Policy
10 Year
Guaranteed Premium Individual Term Life Policy
$190K
Annualized Life Premium
Owners secured a $1.5M policy to fund the key man life insurance.
Everyone secured a 10-year, guaranteed level premium individual term life policy.
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- Readily portable at termination
- Convertible to permanent insurance to continue coverage beyond 10 years on a cost-effective basis.
Annualized Life Premium: approximately $190k securing $33,000,000 in total death benefit on physicians.