Page 10 - Ornellas Final Copy PDF

Q. I have other Life Insurance or Term Insurance and it’s going to run out, is
there something I can do?
A. The policy can be converted to another policy that could be extended out
to end of life. You can also apply for new coverage with end-of-life
benefits and Long-Term Care type of coverage.

Conversions: Convert your Term Life insurance policy to a Whole Life or Universal Life
insurance policy. Your health rating and age will be taken into consideration.
You can obtain a Universal Life policy to the age of 130 years.
Reducing your Death Benefits amount will assist you in reducing your premium.
You can change ownership of your policy from your Business to you Personally.
Your policy can be used as collateral in your banking transactions such as for obtaining
business and personal loans.
Beneficiary changes are common and can be made at any time.
Your policy can be used in your Divorce settlement.
Business policies can keep coverage on you as the Owner or Key Person of the organization.
The policy can be used to fund a business Buy Out Agreement.
You can obtain Key Person Coverage.
Your policy can be used in Life settlements, such as, surrendering the policy for cash value to
pay for medical treatments. Or, when a business has gone under and the policy is no longer
needed and is irrelevant.

Q. My parents have a reverse mortgage. How can we keep the family home
when they die?
A. Life Insurance can provide the funds to pay off the reverse mortgage any
debt on the house and repairs that may be needed.

“When we have each other,

we have everything.”

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