When settling the financial affairs of his late father’s estate, David from Dallas, TX, and his brother, came across four insurance policies with over one million dollars in death benefit. An inquiry with the insurance companies revealed, however, that all four policies had lapsed in the last two years of their father’s life, while he was very ill.

 

David said, “We knew that dad had life insurance and that one day we would receive the death benefit, but we never thought about checking to see if the policies were being kept in force.” Sadly, they weren’t.

 

 Yet David said that was not the worst part. When they discovered that the life insurance policies could have been sold to a life settlement provider while their father was still living, they realized that those proceeds could have been used to take better care of him in his final years.

 

“We simply did not know about this option… and dad’s financial advisors didn’t either,” David reflects. “The loss of the million dollar death benefit is not the issue now. It’s what could have been done to make dad more comfortable.”

What can prevent another story like David’s?

 David’s story is not unique. The fact is, nearly 9 out of every 10 Universal Life insurance policies will either lapse or be surrendered for their cash value.* But the truth is, many of those same insurance policies could be worth three to four times their surrendered value when they are sold as a Life Settlement.

 

New Asset Providers is an industry leader that bridges financial advisors, legal and insurance professionals to its trusted network of Life Settlement providers. Our knowledge helps financial professionals fulfill their fiduciary responsibilities as they direct and advise their constituents regarding unwanted, unneeded or unaffordable life insurance.

 

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