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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:

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The Life Insurance Audit Brett Lotspeich

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  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.

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