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Audit & Improve: Private Client – Financial Solutions
Juggling multiple trust-owned life insurance policies requires ongoing review and audit. A prospective client was referred to JMBI by their financial advisor because the advisor and clients were concerned with the value provided by the existing policies. The client had two policies which had not been reviewed for years and wanted to know how if the current, state-of-the-art products could provide better value with more certainty.
Following an audit of the existing policies, it was quickly apparent that today’s products could offer more flexibility with extended guarantees and lesser premiums.
We recommended improved, more suitable coverage based on the client’s goals and desire for extended guaranteed coverage. Our strong carrier relationships provided favorable underwriting results for the 60+ year-old clients
Frequent evaluation of life insurance coverage and premiums is recommended. Insurance plan designs and underwriting approaches do change. In this situation the death benefit of the larger policy was maintained with annual premium outlay reduced by 50%. Premiums were eliminated on the smaller policy and the death benefit was increased by 40%.