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LifeTrack™ is an independent life insurance policy review that meets regulatory compliance and fiduciary oversight requirements. The report is designed to identify and simplify all risk issues associated with life insurance and generates valuable management information.
Key Features
Funding Adequacy Study
Competitive Analysis
Review of Existing Loans
Carrier Strength
Life Expectancies
Survival Probabilities
Verification of Coverage
Risk-Adjusted Review Schedule
Supplemental Policy Reviews
Pre-Acceptance Review
Identifies performance issues that may put liability on the fiduciary prior to accepting a policy in trust. Delivered within 48 hours of receiving policy information.
Replacement Analysis
Essential to protect the fiduciary on any policy where a replacement is proposed by the financial adviser and/or insurance agent. This detailed analysis compares the in-force policy and proposed replacement.
Annuity Review
An in-depth review on contractual provisions and identifies performance issues of an annuity
Asset Allocation
For variable life policies and annuity contracts, an asset allocation analysis is important for fiduciaries to meet prudent investment standards. The analysis determines whether a policy's asset allocation is appropriate given a policy's or contract's underlying characteristics including time horizon and level of funding.
RIC offers ILIT Administration Software that centralizes, standardizes and streamlines all administrative activities. Efficiencies are gained, administrative risk is reduced, and overall productivity is improved through DataTrack™.
Key Features
Automated Letter (Gift/Crummey) Generation
Premium Payment Reminders
Audit Trail of ILIT Workflow
Customization For All ILIT Related Documents
Record Gift Receipts
Manage/Invoice Trust Fees
Management and Compliance Reporting
User Permission Levels
Remediation
In addition to providing policy review services and ILIT Administration software, RIC’s team of life insurance experts can help Fiduciaries with any policy issue by providing customized solutions. For problematic policies, RIC commonly assists clients with:
- Policy Restructuring Analysis and Various Funding Scenarios
- Life Settlement Services
- Replacement Analysis
- Liability Mitigation Unexpected Lapse or Reduction in Benefits
- Policy Appraisal Asset Transfer
No Hidden Agenda
Our entire focus is to provide risk management and administrative solutions for trustees and fiduciaries holding Trust Owned Life Insurance.
We do not market or sell insurance at RIC.