UL with No Surrender Value
The insured was a corporate attorney and partner in a successful Southwestern law firm, where, until very recently, he still consulted a day or two a week after his official retirement five years ago. Mainly for reasons having to do with charitable remainder trust replacement and annuity maximization, he took out a universal life policy with a face value amount of $2 million.
With his financial and corporate obligations changed, his wife having passed away two years before, and his three daughters and their families living in New York, California, and London, he and his financial advisor determined that he was over-insured. He also wanted to be able to freely visit his children and his 11 grandchildren, help fund one of his daughter’s start-up medical supply businesses and begin a non-profit foundation to help paralyzed war veterans.