Impaired-Risk Solutions Part 2 – Failure to Survive
Petersen International has a growing portfolio of term insurances that provide high-limit death benefits for impaired-risk business cases.
The amazing product line is called Failure to Survive. Failure to Survive (FTS) insurance has many attributes and applications that will prove to be useful to your business clientele. FTS coverage will save many of the cases you stand to lose for one reason or another.
The basic FTS product is similar in format to term insurance for third-party applications. Its main purpose is to address key person, buy/sell, contract guarantee and business loan situations where there is a financial obligation to indemnify a business contract upon the death of an individual (usually the business owner or a key employee) with insurance. It cannot be used as an alternative to personal-benefit life insurance but can be used to cover divorce decrees and alimony/child support court orders.
Medically substandard cases find easy solutions among the FTS product line as the underwriting guidelines are more flexible than those of traditional carriers, allowing for coverage for persons with infirmities like cardiac, obesity, cancer and diabetes issues. It’s also optimal for prospects with drug, alcohol and mental health concerns.
Underwriters offer simplified issuance of the coverage without requirements like intrusive medical exams, blood draws and urinalyses. Therefore, policies can be written very quickly. The average turnaround time from receipt of application to the binding of coverage is typically several business days.
The quick underwriting period allows policy owners to meet the strict and time-sensitive deadlines mandated by lending institutions on loan agreements. An FTS policy can also be extremely useful when the underwriting of a traditional term product is holding up a business deal relying upon the insurance for a corporate buy-out or investment agreement. Failure to Survive insurance has many impactful applications in the market and can help you save cases that you otherwise thought were dead in the water or at the very least faltering. FTS coverage is another great everyday solution for the pervasive complications encountered in the U.S. market. Call Petersen International Underwriters at (800) 345-8816 for a more in-depth introduction to Failure to Survive insurance and its remarkable capabilities.