Success Stories

$4 Million Term Policy Extended 10 Years For Dementia Patient

One of the first Term Lifextender cases we sold was for a client who was two years into early-onset dementia. The family didn’t know how aggressively the dementia was going to hit the client. This program allowed the family to extend the term policy an extra 10 years and provided more flexibility and options with dementia. The prognosis for dementia is typically a life expectancy of 2 to 12 years. Term LifeXtender allows the family time to figure out how aggressive the dementia will be so they can adjust their plans accordingly. In this case, it was a $4 million death benefit, so it was important for the family.

$10 Million Term Policy Extended For Real Estate Developer After Bypass Surgery

We had one case that resulted in a huge financial win for the client, a real estate developer who was worth in excess of $30 million. He had a tremendous amount of wealth, but like most small real estate developers had very little cash. He was 68 years old, had bypass surgery and a minor heart attack — and had $10 million of term insurance that was expiring. The cost to convert with the carrier was somewhere around $470,000 a year in premium. The client said, ‘I just can’t come up with that much cash. I obviously have the net worth. I want the coverage because I still need it and have significant health issues that will prevent me from getting life insurance for at least four or five years. So, I really would love to keep it, but I can’t shell out that kind of money every year for a premium.’

With Term LifeXtender, we were able to put together a proposal for him that made the premium significantly more affordable. He preserved his coverage and when the program expired, he was able to sell a small percent of the coverage which enabled him to keep the balance.