UL for Sibling Long-Term Care
The insured was the CFO of a well-known national retail chain until her retirement in 2000. A single woman with no children, and living in the Pacific Northwest, she was supporting an older, disabled brother who had increasingly serious and expensive medical issues. At age 75 she had taken out a universal life policy with a face value amount of $8 million in the event of her passing, with her brother’s long-term care as her main objective, along with several charities as her beneficiaries.
Earlier this year, her brother passed away and she no longer had the need to retain her universal life coverage and pay the nearly $340,000 in annual premiums. Being at that point over-insured and still in good health, with a desire to travel, she decided to make the most of her retirement years and move to a full-service beach condominium in Hawaii.