Policy Reviews
Discover potential cost-saving opportunities without compromising your life insurance coverage through our thorough policy review process.
Uncover hidden opportunities in your policies
Our expert policy reviews provide in-depth analysis of your life insurance coverage, costs, and beneficiary designations, ensuring optimal protection and alignment with your financial goals through comprehensive planning and strategic adjustments.
Key Benefits
- Enhanced coverage
- Maximize benefits
- Mitigate risks
- Cost optimization
Our work process
How our Policy Review Offers Proactive Management for Trustee Responsibilities
Are you a trustee managing a large block of trusts with life insurance policies inside? As a trustee, your responsibility is to act in the best interests of the beneficiaries of a trust, which often includes managing and safeguarding life insurance policies held within the trust. Here’s why a life insurance policy review is important for a trustee:
- Fulfilling Fiduciary Duty: As a trustee, you have a fiduciary duty to act in the best interests of the trust beneficiaries. This duty includes ensuring that the trust’s assets, including life insurance policies, are managed effectively and meet the intended objectives. Conducting regular policy reviews helps fulfill this fiduciary duty by ensuring that the policies remain suitable and provide adequate protection for the beneficiaries.
- Maximizing Trust Assets: Life insurance policies can be valuable assets within a trust. Policy reviews help identify opportunities to maximize the value of these assets by assessing their performance, potential cash values, and any available options for optimizing coverage or reducing costs. By regularly reviewing policies, trustees can ensure that trust assets are working efficiently and effectively.
- Adapting to Changing Circumstances: Trusts, like individuals, experience changes in circumstances over time. These changes may include the birth of new beneficiaries, changes in financial needs, or shifts in estate planning goals. A life insurance policy review allows trustees to assess if the existing policies align with the evolving needs of the trust and its beneficiaries. It enables trustees to make adjustments or recommend changes to the policies to better serve the interests of the beneficiaries.
- Managing Policy Risks: Life insurance policies carry certain risks, such as potential lapses due to missed premium payments or inadequate coverage for changing circumstances. By conducting regular policy reviews, trustees can identify and mitigate these risks. They can ensure that policies are active and properly funded, that premium payments are up to date, and that the coverage remains appropriate for the trust’s objectives.
- Compliance and Documentation: Trust administration involves maintaining accurate records and ensuring compliance with legal and regulatory requirements. Conducting life insurance policy reviews helps trustees document their due diligence in managing trust assets. It provides a record of periodic assessments, adjustments, and decision-making related to the life insurance policies held within the trust.
In summary, a life insurance policy review is crucial from a trustee standpoint to fulfill fiduciary duties, maximize trust assets, adapt to changing circumstances, manage policy risks, and maintain compliance and documentation. By conducting regular reviews, trustees can effectively manage and protect the interests of the trust beneficiaries.