A husband and wife owned $300,000 term life policies on each other. They were beyond the conversion point and the premiums had become too expensive for them to maintain. There was no market for two non-convertible term life insurance policies so the husband and wife decided to stop paying premiums and let them lapse. The policies were in grace and less than 30 days from lapsing. The broker was aware of the Medicaid Life Settlement option and reached out to us to see if there was anything we could do with these non-convertible term policies.
Once their health care needs were analyzed for a Medicaid Life Settlement it was quickly determined that they would be eligible to enroll in the program to help them pay for homecare services for the next three-five years. Knowing that they would be able to sell the policies for a Medicaid Life Settlement, the premiums were paid and the polices were restored to in-force status.
The closing process was completed quickly. The couple were set up with a Homecare company to begin giving them the healthcare they need. In less than 45 days, the policies were settled and the couple enrolled in the benefit program using policies that were rescued two business days before lapsing.
*Case Studies On File