A healthy 54 year old woman came to one of our absolute favorite agents over in Marin. She had a $1M UL policy, about 15 years old, with about $80k in cash value. Here’s the thing- it was supposed to be paid up by now.
But she did a little checking (with the agent’s help), and found out she’d need to start paying $13k a year to get the policy to go to age 100, and that wasn’t guaranteed.
We settled on a $1M policy with a 1035 exchange of the $80k, no premiums for the first 5 years, and then half the other company’s premium beyond that. Got her coverage, guaranteed, to 105. She signed up.