This client decided that the policy was no longer needed for their estate plan and was considering surrendering it entirely. The policy was owned by the insured’s daughter and she explored the option of a Life Settlement. Because of his advanced age and medical history, Abacus was able to almost double the cash surrender value of the policy with a final Life Settlement value of $1,200,000 to the seller and his family. The family is using the money to prepare for the aging father’s needs.
In this case, the policy owner was in need of additional funds to help with family issues and the monthly premiums were hurting her bottom line. She considered letting the policy go in order to consolidate her budget but we were able to help maintain the policy. We used the Abacus Express lapse saver program and quickly paid the premiums to get the policy current. The policy owner was extremely happy with our ability to save the policy from lapsing while providing her with $110,000 to help with medical care and family needs.
This insured was diagnosed with stage IV cancer that had metastasized to his lymph nodes. Realizing the immediate need for medical financial assistance, Abacus was able to close the case in exactly 30 days. The client received a lump sum of $201,000 and was immediately able to secure important medical care without passing on any debt to his family. After receiving the proper medical care, he was able to continue his life without the weight of debt on his shoulders.
Having been recently diagnosed with Stage IV cancer and her husband losing his job of 30 years, this client needed financial assistance quickly. She found Abacus and cited our solid reputation as her motivation in reaching out to us. We quickly turned her policy around and awarded her $50,000 in cash; 50% of the policies death benefit. She was able to pay off her house and transition to disability so she could focus on healing instead of how she would pay her medical bills. But more importantly, it gave her more time with her husband.