Before
0
Business Partners
with a Buy/Sell agreement but no protection
Risk to business and families in event of premature death
After
$ 0
mil
Guaranteed life insurance for 10 years
$ 0
Total Annual Premium
Three equal partners in a rapidly growing business are seeking a loan to help fund their growth plans. As they were sharing the growth plans with their banker, he asked if they had an existing Buy/Sell agreement and if it was funded. While the plan was in place, the three partners never implemented any insurance coverage. The banker suggested they take care of that prior to requesting a loan in order to make the loan approval easier.
Acru Process
- Complete Underwriting Advocate
- Apply for $6,000,000 of company owned 10-year term insurance to cover Buy/Sell obligations and Key Man
- Place new policies
Client Impact
- Two of the three partners had better than expected underwriting results
- Once corporate policies were implemented, we improved personal coverage for 2 of the partners
