Client with history of multiple DUIs and alcohol use approved for buy/sell GUL coverage of $5M with a target premium of $178K.
A 50-year-old male business owner was attempting to replace $5MM of IUL coverage with a GUL product as part of the funding of his buy/sell agreement.
The insured’s driving history of multiple DUIs from 2010 and 2018 was quickly identified as the lynchpin of the case.
The client’s alcohol usage history was further complicated by historical “social history” notes from his personal physician indicating alcohol usage of fourteen drinks per week.
With limited GUL products in the market offering guarantees to age 120, this case was immediately limited to a handful of potential carriers. Upon reviewing the file, we noted conflicting alcohol notations between the social history section and subsequent actual office visits which showed a reduced level of alcohol usage.
After a conversation with multiple carriers, we were able to secure a potential offer, subject to only two additional requirements, including:
Fortunately for all parties the labs came back clean, and the Client was able to obtain clarification from their doctor confirming minimal current alcohol use.
Based on our diligent review of the medical record, the client was approved for the new coverage to fund the buy/sell agreement. The total target premium on the case was a healthy $178,970.