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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Advisor Guide
Insurance Discussion Prompts: Short-Term Planning
Insurance discussion prompts to begin a meaningful client conversation about short-term planning.
Advisor Guide
Insurance Discussion Prompts: Repurposing a Policy
Insurance discussion prompts to begin a meaningful client conversation about repurposing a policy.
Advisor Guide
Insurance Discussion Prompts: Policy Audit
Insurance discussion prompts to begin a meaningful client conversation about policy audits.
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.