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Success Story of the Month: Three Partners

Updated: Jan 24, 2022

Concept Presented

Four-term policies each (total of 12 policies) one for Personal income replacement and debt repayment, one for Key person (entity owned), and two for Buy-sell (cross-purchase.)

Quick Facts

  • Age: 29,29,39

  • Client goal: Personal planning, Buy-sell, Key person

  • How client was found: Referral from a current client to a young man he met and wanted to help

  • Income / Net-Worth: Each partner earns a $120k salary and $50k in K-1 income from their real estate business.

  • Health: Good health but some "build issues"

Problem(s) Solved

  1. Personal coverage placed to protect each family and future children: $5mm of 30-year term

  2. Key person coverage of $1mm each for business continuation and diminution as of business value in the event of a partner passing.

  3. Business continuation in the event of death.

  4. Personal DI and Key person DI is on the table for future consideration

This is the first sale that was completed to three entrepreneurial young professionals. There will be many more problems solved for these three. We have already spoken about:

  • Converting the personal term coverage

  • Personal DI

  • Buy-sell DI

  • Qualified plans

  • Leveraged LIRP

  • Personal lines coverage for Auto and Hame

  • Business insurance

  • Insuring the children

  • And, they have already provided their referrals

  • Insuring their parents for LTC

So in summary, three is better than one.



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