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Petersen International Underwriters: Failure To Survive Plans
When traditional term insurance underwriting timetables hinder a business in the acquisition of death benefits for key person, buy/ sell and business loan situations, FTS insurance plans are the most viable option.
Our underwriting partners at PIU are able to bind coverage in about 48 hours with a simple application, no underwriting and financial justification. No medical exams or extensive underwriting delays with FTS plans.
What is Failure To Survive (FTS) Life Insurance?
When traditional term life won't do...
Reasons to obtain an FTS plan are many . Inability to complete a medical exam. Unusual income issues. Unique contractual obligations. Health issues. Divorce decrees. Hazardous Occupation. International risks.
Uses include for Buy/ Sell Agreement funding, confidential coverage needs, business loan indemnification and key person coverage.
It is often the case that you may have a financial interest in someone else, a business partner or surrogate mother, who is uninsured. If something were to happen to this party of interest to you (failure to survive), this could not only be a great emotional ordeal but have huge financial consequences.
Despite the reasons the third party has for being uninsured, you must feel secure financially should the unthinkable occur. If the third party is unable to be persuaded to obtain life coverage, you (the party with an insurable interest) CAN secure coverage WITHOUT the insured party being aware of it's existence.
- best for: those involved in divorce settlements, venture capital deals, movie productions, surrogate mother contracts and other areas where an individual has a financial interest in a third party
- Common uses: bank loans, divorce settlements, investors, business managers / agents, movie production, business buy outs / buy ins, surrogate mother contracts
- Considerations: 1) There must be a documented (written agreement) insurable interest between the two parties, 2) Insure without the knowledge of the insured, 3) will NOT consider blood relatives nor married couples and 4) Annual policy that is renewable annually only
Most companies have a special person among them (key person) who is essential to the success of the business. They can be valuable for their expertise, power, innovation or information and should they be uninsured, their death (failure to survive) could spell financial doom and ruin for the company. If you can relate to this situation and feel financial security is at stake because a key employee(s) are underinsured, Key Person FTS is the plan for you.
- best for: needing to obtain life insurance for most important people in your company
- NO medical exam required and issued in 24 -48 hours
- Common client uses for clients that:
have history of drug use
recently been charged with DUI
need coverage immediately
do not want to secure life coverage
are afraid of needles and not willing to take the standard life exams
on assignment overseas and unable to secure policy
traveling to war zones, causing a decline from traditional carriers
Take the example someone needing a bank loan desperately. But it hinges on having life insurance to secure the loan. Underwriting delays can be a huge road block to securing this loan. The Business Bank Loan Failure To Survive Life Insurance plan can be issued as a temporary life insurance in a matter of HOURS to assist you in this process.
- best for: needing to obtain life insurance for bank loan indemnification purposes
- NO medical exam required and issued in 24 - 48 hours
- Term: 90 days to one year
- Common client uses for clients that:
have history of drug use
recently been charged with DUI
need coverage immediately
do not want to secure life coverage
are afraid of needles and not willing to take the standard life exams
on assignment overseas and unable to secure policy
traveling to war zones, causing a decline from traditional carriers
Any responsible adult knows that obtaining a secure and substantial Life Insurance policy is incredibly important. Unfortunately some people have difficulty finding a carrier willing to provide the coverage. The inability to locate a willing insurance carrier is especially hindering for your clients in need of life insurance to indemnify a buy-sell agreement. Petersen International Underwriters developed the Buy Sell Failure To Survive Life Insurance Plan for your clients who need a plan, but find themselves unable to obtain life insurance coverage from the traditional insurance market.
- best for: business owners needing life coverage that otherwise have difficulty getting such coverage in the traditional markets
- NO medical exam required and issued in 24-48 hours
- Common client uses for clients that:
have history of drug use
recently been charged with DUI
need coverage immediately
do not want to secure life coverage
are afraid of needles and not willing to take the standard life exams
on assignment overseas and unable to secure policy
traveling to war zones, causing a decline from traditional carriers