$15M Exam and Lab-Free Life Insurance
Key to Success: Carrier Selection / Underwriting Exception
Applicant Summary:
- M, 58, Healthy Executive, No Tobacco Use
- Need: $100,000,000 of Life Insurance to Pay Death Taxes
Advisor calls CPS Advantage to line up $100M life insurance on a client to cover a portion of estate taxes. The client already has north of $50M in force. He’d like to initiate the additional coverage with convertible term insurance. Can we still take advantage of Executive Underwriting Exceptions to obtain coverage without requiring an insurance physical and labs? Yes, at least for a portion of the additional coverage!
Advisor’s Primary Insurer
- Does not offer Executive Underwriting Exceptions
Top Rated Alternate Insurer
- One brand name top rated life insurer offered $15M preferred without exam or labs.
- Annual Premium: $46,365 for quality convertible level term 15.
- Coverage for additional $85M will require an exam; but regardless of the outcome, the initial tranche for $15M has been placed, locking in quality coverage at preferred rates.
- For most large life insurance needs, the sequential layering of applications with the least amount of new required medical evidence can reduce the overall cost of insurance.
