Older and over-loaned.
Think these kinds of whole life insurance policies aren’t worth talking about?
You couldn’t be further from the truth.
At Leisure Werden & Terry, we’ve got a way to restructure whole life insurance policies that will still give your client the guarantees and death benefit they want.
Saving whole life insurance policies
Whole life insurance policies have been the gold standard in the life insurance industry for many, many years. Guaranteed death benefits, high-cash accumulation and the ability to borrow from that cash value are just three of the many features found in a whole life policy.
However, the ability to borrow from the cash value can also be a double-edged sword. Many people who borrow from their whole life policies never pay those loans back. In fact, most don't even pay loan interest, which only compounds the problem. Most people aren't even aware that, over time, if that policy lapses without value, they can incur a significant taxable situation. And let's face it, nobody likes receiving a 1099.
We've got a way to restructure a client’s whole life policy using a 1035 tax-free exchange with a specific carrier that has a unique program to give your client the guarantees and death benefit, and premium that they would want. And, by the way, it's fully commissionable.
If you think you have a client who has a whole life policy with large loans on it, give one of the life sales associates at LWT a call. We’ll walk you through the process.
