Policy Rescue Program
It was found in a study of the two decades from 1991 through 2010 that $29.7 trillion in new policies were written, yet during that same time period, almost $24 trillion in life insurance policies had lapsed. Almost 88% of the universal life policies failed to end with death claims, and 76% of universal life policies sold to seniors at age 65 never paid a claim. Lapse rates have increased in recent years.
There is no reason to believe that surrender and lapse rates will decline; in fact, the situation may worsen as a number of life insurance companies have recently been increasing the cost of insurance. This will likely result in even more policyowners scrambling for solutions.
Keep Your Policy to Preserve Your Legacy
Those who need assistance with their life insurance policy premiums can obtain a loan from us with no personal guarantee, no financial underwriting, and with no cash value in the policy.
Capital Credit Group, our South Dakota lender, has been providing institutions with non-recourse premium financing on inforce life insurance policies for over 13 years.
Now individual policyowners can access the same benefits and keep their policy without having to take on burdensome debt or reduce their quality of life.
The only collateral is the policy itself.
Term Conversion Financing
Survivorship Universal Life Financing
A 74 year old male attorney from Florida had a $1.75 million term policy, and his deadline to convert was approaching. He wanted to convert the entire face amount, however he only had the means to afford $500,000 of coverage.
CCG offered a proposal where the $1.75 million policy would be split into two policies. The attorney would fund the $500,000 policy himself, and the other $1.25 million policy would be funded using CCG's premium finance program.
The attorney was able to afford the entire $1.75 million of coverage for the benefit of his family without having to reduce the quality of his life, without having to pledge personal guarantees, and without having to pay current interest during the loan term.
A couple in their mid-seventies bought a $13.7 million Survivorship Universal Life policy 14 years ago. The annual premium payments were $290,000 and they requested a loan from Capital Credit Group to pay the premiums.
CCG provided a five year, $1,740,000 loan to cover annual insurance premiums and fees, and the insured has an option to repay the loan and retain ownership of the policy, or to surrender the policy to CCG after the loan matures with no additional recourse to the insured.
If you are a policyowner of a life insurance policy where the insured is over 65 years old, or if you are a professional advisor whose clients are over 65 years old, follow the link below to our submission form.