Marian is a 58-year-old woman living in the Houston area. She was an executive with one of the largest bio-fuel companies in America. With little more than some season allergies in her health history, Marian has an excellent health profile. She is currently retired, but still sometimes takes on consulting projects. Marian has a son in his 30s and grandchildren. She came to us mostly interested in insurance as security for her grandchildren’s futures.
Marian is not new to life insurance – when she contacted us, she already had three policies through three different insurance companies. One of her policies was a MetLife Guaranteed Universal Life group policy that Marian had “ported” to an individual policy when she retired. The term ported is used to describe when a group policy is changed to an individual policy when someone terminates employment with the employer who was providing the group coverage. Like many ported policies, the premium was scheduled to increase significantly every 5 years. She was thinking she would like a larger Guaranteed Universal Life to replace this old group policy. We thought about her options – she could keep her ported policy Universal Life policy, or look into replacing it with a 15, 20, or 30-year term. These options seemed more viable since Marian was certain that, because of the increasing premiums, she would not keep her ported Universal Life policy into her 70s. After taking the time to thoroughly explore the cost and benefits of all the options, Marian completed formal applications through our office for $400,000 in coverage for a thirty-year term and $400,000 coverage in Universal Life. She completed her exams and all necessary requirements and was approved Preferred Plus by Prudential. During the decision-making process, we were in constant communication with Marian, working together to figure out how best to meet her needs. Her final decision was to accept all the coverage approved by Prudential but shifting $100,000 from the Term to the Universal life, resulting in $300,000 coverage for a thirty-year term and $500,000 Guaranteed Universal coverage to age 121. Marian was extremely thankful and appreciative of our prompt responses to her questions, dedication to her family’s needs, and above all, our professionalism.
Retired Executive Life 