One Texas family sought to preserve wealth by purchasing a $3M dollar joint & survivor life policy. After the death of the patriarch, the family failed to fund the policy to keep it in force. IZALE was engaged at the last moment to negotiate a contract sale. The family’s highest offer: $400k. With IZALEs expert connections, they secured a settlement of $700k – a 75% increase.
Man presenting insurance policy to female client

We were contacted by the money manager of a family in Texas who needed guidance. Fifteen years earlier, the family purchased a $3 million joint & survivor life insurance policy, insuring the family patriarch and matriarch. A decade later, the patriarch passed away. Unfortunately, the family had not been paying insurance premiums according to the design. Thus, the contract was underperforming from original illustrations.

Approximately one year before IZALE met with the family, they had been making efforts to keep the policy in force by funding the minimum payments quarter-by-quarter; they were not in a position to fund the now required $125,000 annual premiums.

Acting on his own, the eldest son tried to find potential buyers for the policy in the life settlement market. He eventually secured an offer of $400,000 net to the trust, with no agent involved. This prompted the money manager to act; he convinced the family to meet with us prior to closing the transaction. All the while, the son had been adamant that this was the best deal available because they could bypass agent’s fees. He was certain there was “no way they could get a better net offer for the family”.

Once IZALE became involved, the original potential buyer immediately increased the offer by $25,000. Within 45 days we had secured multiple offers to purchase the contract. Eventually, the family accepted an offer of $700,000, net to the trust, which IZALE negotiated on their behalf.

The purchase of a multi-million dollar joint & survivor life insurance policy has many benefits. However, family or finances sometimes change and make the need for policies diminish or disappear. When policies are no longer needed there are often options in which a family can recover more than the cash surrender value of a policy. IZALE has helped many families analyze the value of retaining a policy…

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