1 / 9

The Life Insurance Audit Brett Lotspeich

The Life Insurance Audit Brett Lotspeich. What is the Life Insurance Audit?. The Life Insurance Audit provides a comprehensive evaluation of the performance of Life Insurance as well as recommendations to optimize these policies. The evaluation will:

royal
Download Presentation

The Life Insurance Audit Brett Lotspeich

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. The Life Insurance AuditBrett Lotspeich

  2. What is the Life Insurance Audit? The Life Insurance Audit provides a comprehensive evaluation of the performance of Life Insurance as well as recommendations to optimize these policies. The evaluation will: • validate the appropriateness of coverage • ensures the coverage is titled appropriately • assess mortality and underwriting risks • provide a specific action plan with numerous options for their existing coverage

  3. The need to manage Life Insurance A Life Insurance Audit provides valuable information • 74% of existing policies can be restructured to provide greater value 1 • At least 32 million U.S. households own insurance policies that are not appropriate for them 2 • 64% of those insured do not know what they currently have, or why they bought a policy 3 1 Ash Brokerage Advanced Markets Internal Marketing Study, 2010 2 Insurance Information Institute, 2008 3 TheInsuranceAdvisor.com

  4. TOLI – Active Management of the Life Insurance

  5. TOLI – Active Management of the Life Insurance

  6. TOLI – Trustee Duties

  7. Fiduciary Duty

  8. It Seems Easy……… What we’ve learned Over 6,000 completed Audits - • 65% of the time there is a significant issue with the current coverage: • Titling! – 72yr old Rancher • Calls from Divorce Attorney’s? • Simple Health Changes • Who is being represented? • Basic underwriting or case structure issues • Lack of preparedness or follow through on the fulfillment of administrative duties. • Who is managing what, if anything?

  9. The Life Insurance Audit Provides Peace of Mind • Reviewing trusts’ TOLI policies can help protect fiduciaries from liability, assure that a trust’s intent is persevered and solidify the advisor-client relationship. • Ensuring that the client’s planning will meet their needs when they really need it. • Opportunity for the entire advisor team to re-engage with the client and secure the planning goals.

More Related