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Ideal candidates for SWAPP.
Ideal candidates for SWAPP are high-net-worth individuals who wish to reduce or eliminate premium payments while still retaining coverage. To qualify for SWAPP, insureds must be age 65 or older with:
- A life insurance policy face amount of at least $500,000.
- A change in insurability since the policy was issued.
- A life expectancy up to 20 years.
Possible scenarios leading to SWAPP include the following:
- Existing insurance is performing below expectations.
- Policyowner retires or sells a business.
- Change in health or marital status.
- Key employee coverage is too expensive after an executive retires.
- Policyowner gifts for premium payments are now subject to gift tax.
In short, as life circumstances change, policyowners require new tools that enable them to increase the efficiency and performance of their life insurance holdings. SWAPP gives them a powerful new option to maximize their estate.