Agent Rick Paulsen of Stockton, California recently helped a client, a professional athlete whose charitable activities are central to his life, convert a $5 million term life insurance policy to permanent insurance.

About four years ago, Rick's client purchased $10 million in permanent coverage and $5 million in term. The $10 million was intended for estate planning needs, and the $5 million would provide life insurance protection for his family and enable him to support a variety of charitable giving programs after he passed on.

"As a national sports figure, my client prefers anonymity," says Rick, "but I can tell you that we have a strong relationship built over time. So this year, I began sharing with him the power of permanent life insurance and what could perhaps be a better place to put the premium dollars he was spending on $5 million of term coverage."

Permanent life insurance offers a host of features that term does not. Among them are tax-deferred growth that can be accessed and a guaranteed death benefit. And, despite the unique financial circumstances of Paulsen's client, the benefits of permanent life insurance, as well as its uses, in charitable giving, can accommodate most budgets and philanthropic goals.

Rick explained these advantages, along with several others, to his client, who was particularly interested to learn that as a leader in his community, he could use permanent insurance in powerful ways to provide guaranteed benefits for his family, as well as to continue to support various community projects, including work with inner city youth. And because permanent insurance builds cash value, he would have a way to use this coverage to support his charitable work during his lifetime.

"He now has a way to demonstrate his life philosophy of giving and performing charitable work," says Rick. "He's deeply committed to regenerating communities and improving the quality of life," says Rick. "With this part of his coverage converted to permanent insurance, he's assured that this work will continue, both while he's alive and when he passes on. The insurance will provide additional dollars to carry on his name and his family's great name."

Rick's client also understood that he could direct the proceeds from his policy to whatever programs he wanted: a college, church organization, a youth group, or to provide hot meals for the needy. The possibilities, Rick explained, are endless.

"This is obviously someone in a unique and rare situation," says Rick, "but even this individual in a completely different type of financial situation than most of us will ever be in sees the living benefits of term conversion."

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