Repurposing a Policy
A planning technique that takes an existing policy designed for one purpose and adapts it to address a new issue, context, or goal.
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Solution Snapshot
Whole Life Policy Audit
Move away from a dividend dependent product and decrease the annual illustrated premium
Solution Snapshot
Estate Plan Audit
Death benefit recipient changed to the children for all the policies, so policy was exchanged to a survivor life policy with no future premiums and a loan payoff of approximately $700K on existing policies to end the ongoing interest payments.
Solution Snapshot
Charitable Giving Loan Rescue
A policy given to charity and later reclaimed accrued loans from the charity and needed to get back in good health for the benefit of children and as collateral for any difference in the promised amount to the charity.
Candidates
Solutions are not one size fits all. For every planning technique, there are determining factors that illustrate whether the technique will fit the planning for an individual, family, business, or non-profit organization. Outlined below are ideal candidates who might benefit from exploring Repurposing a Policy solutions.
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If your permanent life insurance policies no longer align with your estate plan, you can surrender the policies for their cash value, sell them on the secondary market via a life settlement, reduce the death benefit to alleviate premium burdens, or transfer ownership to remove the proceeds from your taxable estate. More creatively, existing life insurance policies can be repurposed for retirement income, long-term care planning, or charitable giving; turning the death benefit into a living benefit.