“A businessowner client had 2 Life Insurance policies consisting of $3.1M of death benefit and $317,000 of cash value. The client desired to increase death benefit to help offset and mitigate estate tax projection and liability. After educating the client on the different types of policies in the marketplace, we were able to leverage the cash value of $317,000 into a new policy with a death benefit of $7M for the same premium/cost. The new policy has much more flexibility and accomplishes the goal of his trust providing maximum death benefit to protect his estate and wealth.”

“A Physician desired to complete an annual review audit of his insurance portfolio. He had accumulated 3 policies totaling $1.45M in death benefit and premiums of 38,000/year with $149,000 in cash value accumulation. The client is 47 years old and wanted to increase death benefit, solve for Long Term Care needs in the future and increase cash value opportunities through indexing. After searching our portfolio of insurance carriers, we were able to consolidate the 3 policies into 1 Index Universal Life policy with $4.0M of death benefit and transfer the cash value of $149,000 to the new policy. The new strategy has Living Benefits of $1.5M that can be used for Long Term Care/Home Health Care and any diagnosis of Heart Attack, Stroke or Cancer.”

“A young professional (31 years old) approached us on a tax-free retirement plan. The client earns $200,000+ per year in his profession of computer software sales. He is married and has 2 kids. He needed life insurance to replace his income if something unexpectedly happened. We educated him on a Life Insurance Retirement Plan (LIRP) to accomplish his goals of death benefit, living benefits and cash value accumulation. Based on the illustration projections, the client is paying premiums of $750/month for a $750,000 life insurance policy with Living Benefits. If the client desires, he can start taking tax-free retirement income of $61,850/year guaranteed for the rest of his life based on the illustration projections. This holistic plan accomplished all of the clients’ goals including a safe money bucket that is not exposed to negative market returns, death benefit to provide for loss of income and debt coverage and living benefit riders to access if something medically is diagnosed.”

“A married couple had a net worth $52M and was implementing an Estate Plan to help mitigate estate taxes. The Wealth Advisor came to us to perform an audit of the existing Whole Life insurance policies on the husband. The 2 policies had a combined death benefit of $2.3M and cash value of $1.1M. Premiums for both policies were $26,000/year. Since the family was trying to reduce estate taxes, Diamond Life helped the family move the existing policies into an ILIT (Irrevocable Life Insurance Trust) to reduce the estate. After completion of the trust, we were able to exchange/replace the 2 existing Whole Life policies into a new policy with a death benefit of $5.0M and no more estimated premiums due. This created an immediate pool of money to pay the estate tax liability when needed.”

“A client and his wife came to us wanting to purchase a Mortgage Protection insurance policy to cover their new home loan of $350,000. Their lender thought it was a good idea to look into this policy because they did not own any life insurance. We helped the couple find the cheapest policy with a Death Benefit and Living Benefit riders. The husband was in between jobs and the wife worked as a Registered Nurse for the hospital. About 6 months after the policies were purchased, the wife passed away from a heart attack on her way to work. This was the quickest claim that I have had happen in my 23 years in the industry. Within 30 days the husband received a tax-free check of $350,000 and immediately paid off the mortgage. The wife had no known health problems and was issued a Preferred rating after the underwriting was complete.”

“A business owner approached Diamond Life to review their current Buy-Sell agreement and policies. The business consisted of 3 owners and the latest audit of the business had it valued at $38,000,000. After reviewing the buy sell agreement and existing life insurance policies, the business had a huge risk and was in desperate need of Buy-Sell updating. The current agreement defined the Buy-Sell by: “In the event that one of the owners passes away, the surviving spouse will paid out of the existing life insurance policies or the cash flow of the business”. The existing life insurance policies only had a $1M death benefit and each partner’s value was worth $12.6M. Therefore, in the event of an unexpected death to a partner, the business was going to have to pay the remaining $11.6M to the surviving spouse out of the cash flow of the business. This would most likely bankrupt the company. The owners wanted this fixed immediately especially since one of the owners had been in a severe accident 1 year prior and was in Intensive Care for a long period of time. Diamond Life helped them implement a Cross Sell Purchase of life insurance on each partner to cover the equity value of their share of the business. If something were to happen now, the death benefit from the life insurance proceeds will buy out the surviving spouses equity.”