We offer a Fee-Based Insurance Consulting Approach for Professional Advisors.
This solution is designed for:
>Trust Officers and Trustees
>Fee Only Planners
Contact us for an Independent Third Party Analysis!
Contact us for a Copy of Our Fee Schedule: firstname.lastname@example.org
Policy Sorting Report
The Policy Sorting Report offers a snapshot of the soundness of a life insurance portfolio by policy and offers warnings regarding carrier ratings, projected policy failure relative to life expectancy, and excessive policy expense deviations.
This report is often used by non-profits, corporations and trust companies when reviewing a portfolio of policies and is an excellent tool in highlighting potentially troublesome policies.
Life Insurance Policy Management
This service provides management for a client’s life insurance portfolio as needed and specified by the client and advisor. The management process is targeted to meet the policy owner’s life insurance goals in accordance with the Life Insurance Policy Statement (see separate service). This process helps to maintain the integrity of the insurance policy and fulfill the professional and fiduciary responsibilities of the agent, professional advisor and/or trustee.
This service may include some or all of the following:
› Reminders of timely trust withdrawal notices
› Accounting of premium payments and receipt by insurance carrier
› Review and fulfillment of Life Insurance Policy Statement
› Obtaining and reviewing annual in-force ledgers and projections
› Insurance carrier financial review
› Market analysis and benchmarking
› Premium efficiency analysis
› Integrating insured health changes into policy and market analysis
General Consulting consists of work with families, companies, non-profit organizations and professional advisors. The scope of the work may include review, analysis, strategic development, financial modeling, education, fiduciary assistance, expert witness and consulting for legal proceedings such as trial, bankruptcy and divorce.
A Retainer Agreement is often used by professional advisor firms, producer groups, corporations, non-profit institutions and family offices. This fee establishes a fund for retaining the services of Brookfield Insurance Partners for an estimated number of hours over a specified period of time. This agreement provides priority access to Brookfield Insurance Partners resources at a discounted billing rate.
Life Insurance Policy Statement Development
The Uniform Prudent Investors Act (UPIA) requires an Investment Policy Statement for trust assets but rarely is there a Life Insurance Policy Statement which defines the parameters by which a life insurance policy should be managed.
This service is to assist professionals and fiduciaries in fulfilling their respective obligations to clients. Appropriate trust owned policy management, by definition, is impossible without a policy statement.
Premium Efficiency Analysis
A personalized life expectancy curve is created for the insured individual(s) based on a review of complete doctors’ records and the life expectancy (LE) as determined by averaging the analysis of two nationally respected LE firms.
This personalized LE and multiple policy projections are input into stochastic modeling to determine appropriate funding levels for various policy persistency goals.
Example: How much annual premium must be applied to an existing policy for it to have a 90% chance of persisting to the insured’s personal 75th percentile life expectancy?
Preliminary Inquiry for Insurance Ratings
This service provides the potential insured individual(s) an understanding of how the insurance market will view them from a health underwriting basis. The results of this inquiry will allow clients to more soundly make decisions during the planning process as they will better understand the ultimate cost of these potential planning decisions. Often this preliminary inquiry will be a determining factor in decision making so, in effect, this process is “keeping the horse before the cart”.
Fair Market Value Report
The Fair Market Value Report will provide our analysis of the true value of the policy in question. This Report will culminate in an understanding of the secondary market for life insurance policies and an estimate of the policy’s fair market value.
This report is often utilized regarding objectives relating to policy transfer, surrender or replacement.
Tax Ramification Report
The Tax Ramification Report will provide policy owners and their advisors an understanding of the tax consequences of policy surrenders, lapses, transfers and life settlements before such actions are taken.
Life Settlement Services
Flat Fee: $10,000
Contingency Fee: $1,000 plus the lower of
› 1% of face amount
› 5% of settlement offer
› 10% of settlement offer in excess of cash surrender value
The Second Opinion
The Second Opinion is self descriptive and will provide clients and their advisors a corroborating or alternate opinion of the subject matter.
Life Insurance Policy Audit
This service includes a thorough and technical policy audit complete with:
› Summary of all policy details (owner, beneficiary, basis, gain, class, etc)
› Strategy review with client and advisors
› Policy Performance Analysis
› Premium Efficiency Analysis
› Comparative Analysis: Comparison of current ledgers to projections at inception
› Benchmarking Analysis: Comparisons of current policy with market alternatives
› Financial Analysis: IRR calculations of premium flow to cash value and death benefit historically and
› Divestiture Analysis: Policy options available and Tax Ramification Report
› Rescues Strategies consistent with current objectives and financial circumstances
Life Insurance Policy Audit: Contingency Option
This service includes a simplified policy audit as described above and is available to policy owners and advisors who prefer a contingency agreement will state that Brookfield Insurance Partners will engage with the client’s agent to implement transactions resulting from Policy Audit. Insurance transactions will be brokered through a preferred affiliate insurance brokerage operation.
Life Insurance 101
Life Insurance 101 is an education service for policy owners, professional advisors and staff, fiduciaries and non-profits. A better working understanding of life insurance enables key players to be more constructively involved in the management and decision making regarding life insurance policies.
Policy Performance Analysis
This analysis will provide a substantive understanding of the pertinent details of the life insurance policy and a graphical illustration of its performance over time, including cash value and death benefit projections under a variety of assumptions. An executive summary will discuss the results of a premium sufficiency test, an expense deviation test and a carrier strength test. Also included in the report is a discussion regarding policy management and possible action items regarding the analyzed policy.