Risk Spotlight – Real Life Case

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A 42-year-old general dentist was in the process of purchasing a flourishing practice from a retiring colleague.  To fund the $1,250,000 transaction, she had secured terms for a practice loan from a commercial bank on a 10-year note.  The client had satisfied most of the lender’s demands, but was struggling to secure a collateralized life insurance policy to indemnify the loan because of a history of alcohol rehabilitation treatment as well as a current opioid prescription for pain management from a past injury.  The lender was hoping to finalize the closure of the loan in seven days, and the dentist feared she would not be able to find an acceptable insurance policy in time and therefore lose her funding.

After weeks of declines and postponements from domestic carriers, her insurance agent turned to Petersen International for a solution.  We were able to underwrite and issue her a 5-year $1,250,000 business loan Failure to Survive insurance policy with a collateral assignment to the bank as required.  Furthermore, our simplified-issue policy requires no exams or labs, so our underwriters were able to approve her application in a matter of several days.  The policy was issued shortly thereafter and the loan was able to close on time.

Petersen International has unique financial solutions for your impaired-risk business clients.