Gee whiz...Working as an Aspen insurance broker doing high level advanced estate planning utilizing guaranteed universal life insurance in Aspen Colorado sure can get complicated!
I recently worked on a fairly large replacement policy for an out of town client that is substantially cheaper than the original policy by reducing the death benefit in addition to better health ratings. The initial insurance co that shall remain nameless has stated to me that they will not allow the insured to surrender their policy to less than 65% of the current face value. Zoinks I said, that was not in the original contract, nor was it ever represented as such to either the client or myself, "well that is company policy", policy my behind! If it is not in the illustration you can not force the insured to abide by it, a contract is a contract.
The new coverage is thousands per year cheaper and the investor needs far less coverage than previously because of significant market declines in the estate.
Said insurance company got a heavy duty earful from me and my team and the matter has been escalated then satisfied and now all will be safe for democracy in the land of skiing, fishing and snow sports, Aspen CO!
Have a great one. I will advise and check out The Center for Planned Giving also look for another article in the Aspen Times shortly.
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