Independent Life Insurance Experts
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How To Conduct a Trust Owned Life Insurance Policy Review
A Session Specifically Designed for ITM TwentyFirst University
Thursday, April 20, 2017 at 2PM ET
MICHAEL BROHAWN, CFP®, CLUChief Marketing OfficerITM TwentyFirstP: 319.553.6227W: itm-twentyfirst.comE: [email protected]
Presented By:
This course has been approved for 1 hour of Continuing Education for CTFA (Fiduciary) and CFP®
The Institute of Certified Bankers (ICB), a subsidiary of the American Bankers Association, is dedicated to promoting the highest standards of performance and ethics within the financial services industry. This statement should not be viewed as an endorsement of this program or its provider.
Aaron J. Hanson, CLU®
Remediation ManagerITM TwentyFirstD: 319.553.6260W: itm-twentyfirst.comE: [email protected]
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Caregivers and Household Employees: Navigating the Complexities of Employment Law as a FiduciaryJosh Greenberg, CEO and Rachel Green, COO TEAM Risk Management StrategiesTuesday, May 16, 2017 at 2 PM ET3/4 Hour CE credit for CFP, CTFA and FIRMA Certified Member
When a fiduciary pays someone to provide services to his or her client, it is likely that an employment relationship is created. That means that there is not only an administrative duty to process payroll, accurately withhold and file taxes, and comply with wage and hour law, but also significant potential for liability against trust assets and the fiduciary as well. Employment liability, whether in the form of a Workers’ Compensation claim, a wrongful termination claim, a caregiver abuse claim, or any of the host of other potential claims, is one of the few liabilities which can pierce the veil of the trust. This is a not only a liability for trust assets, but if handled incorrectly could subject the fiduciary to penalties and sanctions. Join Josh Greenberg and Rachel Green, who will describe these risks as well as the compliant solutions for hiring, employing, and paying employees, as well as ways to avoid some of the common pitfalls and risks for fiduciaries, including proper classification of employees as W-2 employees versus 1099 independent contractors.
Effective Life Insurance Strategies (With or Without the Federal Estate Tax)Michael Amoia, JD, LLM (Tax), SVP, Advanced Sales and Life Product Management at Crump Life Insurance ServicesThursday, June 8, 2017 at 2 PM ET1 1/4 Hour CE credit for CFP, CTFA and FIRMA Certified Member
Many of your clients who in the past used life insurance to pay estate taxes may be questioning the use of life insurance strategies at this point. But the fact is, life insurance can be used for much more than
just tax planning and you can provide your clients with a great service by understanding how to use this asset to maximize wealth and leverage assets to the next generation. Join Michael Amoia, an advanced planning expert with 23 years’ experience who has helped high net worth individuals across the country understand how to effectively use life insurance to reach their planning goals. Michael will highlight key strategies that you can immediately bring to the table to help your clients, allowing you to turn the tax planning discussion to effective legacy planning. And after all, isn’t that what most clients are looking for?
Upcoming Webinars
Independent Life Insurance Experts
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Today’s Agenda• Why You Need To Conduct Policy Reviews
• How Often Should You To Conduct A Review
• What Goes Into A Good Policy Review
• What To Do When There Is An Issue
• How To Document The Trust File
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Why Do You Need To Conduct An Annual Policy Review?Because You Are Required To As A TOLI Trustee§ 9.6 Review of fiduciary accounts.(c) Annual review. At least once during every calendar year, a bank shall conduct a review of all assets of each fiduciary account for which the bank has investment discretion to evaluate whether they are appropriate, individually and collectively, for the account.
Because Things Change… Slowly
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Whole Life Dividend Drop Over The Last 30 Years
Because Things Change… Kind of Quickly
Drop in S&P 500 Over 17 Month Period
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Independent Life Insurance Experts
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Because Things Change… Very Quickly
Transamerica Cost Increase Causes Premium to Maturity to More Than Double: A Case Study for TrusteesPosted on September 9, 2015 by mbrohawnIn May, that level premium was $36,400. After the COI increase, the level annual premium more than doubled to $81,595
Our Reports Are Done On An Annual Basis Immediately After The Anniversary Date
2121 INSIGHT INSIGHT™
Base ReportBase Report
Life Insurance Policy Analysis & ReportingLife Insurance Policy Analysis & Reporting
Variable UniversalVariable Universal
Prepared For:Prepared For: InsuranceIQ Bank & Trust CompanyInsuranceIQ Bank & Trust Company
Policy Owner:Policy Owner: Samuel L. Jackson Irrevocable TrustSamuel L. Jackson Irrevocable Trust
Trustee Name:Trustee Name: InsuranceIQ Bank & Trust CompanyInsuranceIQ Bank & Trust Company
Policy Number:Policy Number: 9429806494298064
Client ID:Client ID: 03350335
Report Date:Report Date: 05-Jul-201605-Jul-2016
CONFIDENTIALCONFIDENTIAL
INSIGHT Base ReportPolicy: 94298064 | Client ID: 0335
Policy Owner: Samuel L. Jackson Irrevocable Trust
keeping trusts on track Page: 1 of 13
Reviews are completed once all information has been provided by the carrier and are typically posted within 60 days of the anniversary date.
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Items That Need To Be Reviewed – All Policy Types
Grading
PremiumsCurrent Premium: $8,770.00
Premium Mode: Annual
Premium Duration: To Age 100
Next Premium Due: 28-Jun-2016
Last Cash Premium Paid Date: 16-Jun-2015
Last Cash Premium Paid Amount: $8,770.00
Total Premiums Paid: $173,250.12
Planned Premium Suspension: No
Insured InformationInsured Name: Elizabeth P Jackson
Risk Class: Standard NonSmoker
DOB: 01-Jan-1962
DOD:
Gender: Female
Issue Age: 44
Current Age: 54
Life Expectancy: 36.38
Carrier RatingsComdex: 92 (out of 100)
AM Best: A+ (2 of 17)
Standard & Poor's:
Moody's: A1 (5 of 22)
Weiss: B (5 of 17)
Fitch: AA- (4 of 22)
Sub AccountsAccount NameAccount Name AllocationAllocation
Core Bond 12.56%
International Equity Index B 17.34%
Mid Cap Index 6.66%
Small Cap Index 6.11%
Total Stock Market Index 57.33%
INSIGHT Base ReportPolicy: 94298064 | Client ID: 0335
Policy Owner: Samuel L. Jackson Irrevocable Trust
keeping trusts on track Page: 3 of 13
Policy NumberPolicy Number Net Death BenefitNet Death Benefit InsuredInsured CarrierCarrier
94298064 $1,300,000.00 Elizabeth P JacksonJohn Hancock Life Insurance
Company (USA)
Grading
Policy Grade
FBased on current annual premiums and life expectancy,
probability of coverage is 21.54 %.
← Superior to Poor →
A+ A A- B+ B C D F
Carrier Strength
ABased on combining various carrier rating services, the
Comdex ranking and the admitted assets of the carrier to
create a unique Carrier Grade within the IIQ system.
← Strong to Weak →
A+ A A- B+ B C D F
Policy DetailsIIQ #: 0335-00021
Policy Number: 94298064
Policy Type: Variable Universal
Plan Name: Accumulation VUL
Carrier:John Hancock Life Insurance
Company (USA)
Issue Date: 28-Jun-2006
Effective Date: 28-Jun-2006
Split Dollar: N/P
Modified Endowment Contract: No
Carrier Agent of Record
Beneficiary:Samuel L. Jackson Irrevocable
Trust
Policy Riders:
Assigned: N/P
Policy ValuesValues As Of: 27-Mar-2016
Death Benefit Option: Level
Base Death Benefit: $1,300,000.00
Term Rider: $0.00
Gross Death Benefit: $1,300,000.00
Net Death Benefit: $1,300,000.00
Gross Cash Value: $122,829.41
Surrender Charge: $0.00
Net Cash Value: $122,829.41
Loan Balance: $0.00
Accrued Interest: $0.00
INSIGHT Base ReportPolicy: 94298064 | Client ID: 0335
Policy Owner: Samuel L. Jackson Irrevocable Trust
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The Policy Grade is based on the probability a policy will pay a death benefit, not necessarily the quality of the policy.
Carrier strength is a proprietary rating based on public information.
Provides an updated breakdown of ratings of financially responsible carrier.
Life ExpectancyBased on 2008 Commissioners Standard Ordinary Mortality Table and is for the general protected virtual at large. It does not take into
consideration the insured's family history, medical condition, lifestyle or other factors affecting the individual's life expectancy.
Elizabeth P Jackson
Insured's Age 54
Insured's Life Expectancy 36.38
Insured's Risk Class Standard NonSmoker
CurrentCurrent
AgeAge
Age atAge at
Median LEMedian LE
5454 9090 120120
INSIGHT Base ReportPolicy: 94298064 | Client ID: 0335
Policy Owner: Samuel L. Jackson Irrevocable Trust
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This is a “generic” life expectancy. A personalized Life Expectancy (LE) Report is available from ITM TwentyFirst.
Life Expectancy
Carrier Ratings
Independent Life Insurance Experts
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Ratings Explanation
A.M. Best provides a financial and operating performance rating on virtually all life and health insurance companies.
Standard & Poor’s provides financial strength ratings for those insurers who request a rating. S&P also provides financial strength ratings from public information for other insurers.
Moody’s and Fitch provide ratings for those insurers who request a rating. Therefore, ratings from these two services are not available for all insurance companies.
The Comdex is a composite index based on the ratings received by a company from the ratings services. It is based on a scale of 100.
The Numerical Equivalence (listed as Rank below) is the number which is often shown in parentheses next to each rating indicating where that particular rating falls in the rating scale. For example, an S&P rating of “AA-” has a numerical equivalence of “(4)”, meaning “AA-” is S&P’s fourth highest rating.
Rank Am Best Standard & Poors Moody's Fitch
1 A++ AAA Aaa AAA2 A+ AA+ Aa1 AA+3 A AA Aa2 AA4 A- AA- Aa3 AA-5 B++ A+ A1 A+6 B+ A A2 A7 B A- A3 A-8 B- BBB+ Baa1 BBB+9 C++ BBB+ Baa2 BBB 10 C++ BBB- Baa3 BBB-11 C++ BB+ Ba1 BB+12 C- BB Ba2 BB13 D BB- Ba3 BB-14 E B+ B1 B+15 F B B2 B16 B- B3 B-17 CCC+ Caa1 CCC+18 CCC+ Caa2 CCC 19 CCC- Caa3 CCC-20 CC Ca CC21 C C
Note: Watch List identifiers follow the ratings if the company is on the rating service’s watch list. The identifier indicates a possible upgrade (w+), downgrade (w-), or unknown change (w).
Independent Life Insurance Experts
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A Note About Life Insurance Policy IllustrationsUnless a policy is guaranteed and the premium is paid exactly as shown in the policy illustration, the illustration, either “as sold” or “in force”, will be wrong. Life insurance illustrations are at best, a guide to show projected policy performance. Non-guaranteed items will change, often dramatically, which will affect policy performance. Cash value returns, shown in a straight line, level fashion, are unrealistic. It is important to understand their nuances and limitations.
Illustrated ValuesCurrent Illustration Date: 04-Jan-2017
Current Policy Year: 7
Assumed Interest Rate: 3.00%
Alternate Illustration Date 04-Jan-2017
Current Policy Year 7
Assumed Interest Rate 3.00%
Current Illustration Maturity/Alternate Illustration
PolicyPolicy
YearYearAgeAge
Out-of-Pocket Out-of-Pocket
PremiumPremium
AccountAccount
Value*Value*
DeathDeath
Benefit*Benefit*IRRIRR
Out-of-Pocket Out-of-Pocket
PremiumPremium
AccountAccount
Value*Value*
DeathDeath
Benefit*Benefit*IRRIRR
7 67 $0.00 $87,000.00 $1,000,000.00 1000% + $0.00 $87,000.00 $1,000,000.00 1000% +
8 68 $2,500.00 $88,000.00 $1,000,000.00 269.55 % $10,000.00 $95,000.00 $1,000,000.00 266.72 %
9 69 $2,500.00 $90,000.00 $1,000,000.00 135.43 % $10,000.00 $105,000.00 $1,000,000.00 132.32 %
10 70 $2,500.00 $85,000.00 $1,000,000.00 88.75 % $10,000.00 $110,000.00 $1,000,000.00 85.57 %
11 71 $0.00 $75,000.00 $1,000,000.00 65.64 % $0.00 $105,000.00 $1,000,000.00 62.78 %
12 72 $0.00 $65,000.00 $1,000,000.00 51.95 % $0.00 $100,000.00 $1,000,000.00 49.36 %
13 73 $0.00 $60,000.00 $1,000,000.00 42.94 % $0.00 $95,000.00 $1,000,000.00 40.58 %
14 74 $0.00 $55,000.00 $1,000,000.00 36.56 % $0.00 $90,000.00 $1,000,000.00 34.41 %
15 75 $0.00 $50,000.00 $1,000,000.00 31.82 % $0.00 $85,000.00 $1,000,000.00 29.84 %
16 76 $0.00 $40,000.00 $1,000,000.00 28.16 % $0.00 $80,000.00 $1,000,000.00 26.33 %
17 77 $0.00 $35,000.00 $1,000,000.00 25.25 % $0.00 $75,000.00 $1,000,000.00 23.55 %
18 78 $0.00 $30,000.00 $1,000,000.00 22.88 % $0.00 $70,000.00 $1,000,000.00 21.30 %
19 79 $0.00 $20,000.00 $1,000,000.00 20.92 % $0.00 $65,000.00 $1,000,000.00 19.43 %
20 80 $0.00 $10,000.00 $1,000,000.00 19.26 % $0.00 $60,000.00 $1,000,000.00 17.87 %
21 81 $0.00 $0.00 $0.00 $0.00 $55,000.00 $1,000,000.00 16.53 %
22 82 $0.00 $50,000.00 $1,000,000.00 15.38 %
23 83 $0.00 $45,000.00 $1,000,000.00 14.38 %
24 84 $0.00 $40,000.00 $1,000,000.00 13.50 %
25 85 $0.00 $35,000.00 $1,000,000.00 12.73 %
26 86 $0.00 $30,000.00 $1,000,000.00 12.03 %
* Non-guaranteed
Current Projected Values Projected Maturity Values Life Expectancy Projected Lapse
INSIGHT Base ReportPolicy: UL08082006 | Client ID: 0335
Policy Owner: David and Jackie Thompson Insurance Trust Dated 6/6/2006
keeping trusts on track Page: 6 of 11
Premium needed for policy to run to maturity under current assumptions.
The internal rate of return (IRR) measures the profitability or loss from this point forward based on future premiums paid measured against the death benefits of the policy. It does not include past premium payments.
Outcome assuming current premium under current assumptions.
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Trust Relationships
Grantors
Trust NameTrust NameContactContact
InformationInformationDate of BirthDate of Birth Phone NumberPhone Number EmailEmail
Preferred MethodPreferred Method
of Communicationof Communication
David and Jackie
Thompson Insurance
Trust Dated 6/6/2006
Mr. David J. Thompson
123 Main St.
Cedar Falls IA 50613
14-Apr-1950 (66)
Beneficiaries
Trust NameTrust NameContactContact
InformationInformationDate of BirthDate of Birth Phone NumberPhone Number EmailEmail
Preferred MethodPreferred Method
of Communicationof Communication
David and Jackie
Thompson Insurance
Trust Dated 6/6/2006
Mr. Billy T. Thompson
1212 Main St.
Chicago IL 41515
05-May-1995 (21)
Policy OwnerOwnerOwner %% Trust Account #Trust Account # Federal Tax IDFederal Tax ID
David and Jackie Thompson
Insurance Trust Dated 6/6/2006100.00% 06062006 060620060
Policy BeneficiaryBeneficiaryBeneficiary %%
David and Jackie Thompson
Insurance Trust Dated 6/6/2006100.00%
INSIGHT Base ReportPolicy: UL08082006 | Client ID: 0335
Policy Owner: David and Jackie Thompson Insurance Trust Dated 6/6/2006
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Independent Life Insurance Experts
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Review DetailsCurrent ReviewCurrent Review Last ReviewLast Review ChangeChange
Variances 4 1
Maintenance Items 0 1
Action Items 1 5
Policy Grade F B
Carrier Grade F F
Current Premium $2,500.00 $1,500.00
Net Death Benefit $1,000,000.00 $1,000,000.00
Net Cash Value $81,251.00 $81,251.00
Projected Lapse Year Policy Year 21 35
VariancesFieldField Client ProvidedClient Provided Carrier ProvidedCarrier Provided Date of ResolutionDate of Resolution
Current Premium $1,500.00 $2,500.00
Is Policy Currently Assigned N/P No
Policy Beneficiary Name
David and Jackie Thompson
Insurance Trust Dated 6/6/2006
(100 %)
Jackie Thompson (100 %) 04-May-2015
Premium Mode Quarterly Annual
Split Dollar N/P No
INSIGHT Base ReportPolicy: UL08082006 | Client ID: 0335
Policy Owner: David and Jackie Thompson Insurance Trust Dated 6/6/2006
keeping trusts on track Page: 9 of 11
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Action and Maintenance Items
Action ItemsDescriptionDescription
Determine whether or not policy should be converted to a permanent plan of insurance and when conversion should be exercised.
Consider changing the premium mode to annual. Paying premiums more frequently may result in a larger out of pocket outlay than paying premiumsannually.
Maintenance ItemsDescriptionDescription
Policy was issued with a sub-standard rating. Contact insured(s) to verify whether his/her health (or the condition causing the rating) has improved and ifthere have been any other changes in health (applies to both insureds on survivorship plans). In addition, ask insured(s) as to if any form of tobacco productsis used. If the insured's health and/or lifestyle have improved with no other adverse changes and the use of tobacco products has not been started: (1) Contact insurance carrier as to requirements to apply for a rating reduction or removal. (2) If the carrier declines changing the rates, consider if the existingpolicy should be replaced with a new policy from another carrier. (NOTE: The decision to replace a policy should be made carefully. If the existing carrierdeclines a rating change, evaluate the reason for the declination as another carrier may also decline a new policy or issue a new policy with a sub-standardrating.) If replacement is to be considered, request at least three new insurance proposals for the purpose of a Section 1035 Exchange.
Policy was issued with smoker / tobacco rates. Contact insured(s) to verify whether tobacco is currently used in any form (applies to both insureds onsurvivorship plans). If tobacco products are no longer used, ask how long it has been since the insured(s) has been completely tobacco free and whetherhe/she has had any adverse changes in his/her health. If tobacco products are no longer used and the insured has experienced no adverse changes inhealth: (1) Contact insurance carrier as to requirements to apply for non-tobacco / non-smoker rates. (2) If the carrier declines changing the rates, considerif the existing policy should be replaced with a new policy from another carrier. (NOTE: The decision to replace a policy should be made carefully. If theexisting carrier declines a rating change, evaluate the reason for the declination as another carrier may also decline a new policy or issue a new policy with asub-standard rating.) If replacement is to be considered, request at least three new insurance proposals for the purpose of a Section 1035 Exchange.
Policy is less than two years old and remains subject to its suicide exclusion and incontestability provisions.
INSIGHT Base ReportPolicy: 338838383 | Client ID: 0335
Policy Owner: Rick Knox Family Trust
keeping trusts on track Page: 8 of 9
Action and maintenance items should be reviewed for each report and dealt with accordingly.
Policy NumberPolicy Number Net Death BenefitNet Death Benefit InsuredInsured CarrierCarrier
338838383 $1,000,000.00 Rick Knox Lincoln Benefit Life Company
Grading
Policy Grade
A+Based on current annual premiums and life expectancy,
probability of coverage is 100.00 %.
← Superior to Poor →
A+ A A- B+ B C D F
Carrier Strength
FBased on combining various carrier rating services, the
Comdex ranking and the admitted assets of the carrier to
create a unique Carrier Grade within the IIQ system.
← Strong to Weak →
A+ A A- B+ B C D F
Policy DetailsIIQ #: 0335-00007
Policy Number: 338838383
Policy Type: Term-20 Year
Plan Name: 20 Year Term
Carrier: Lincoln Benefit Life Company
Issue Date: 04-Apr-2014
Effective Date: 04-Apr-2014
Split Dollar: No
Carrier Agent of Record
Level Term Duration: 20
Level Period Expires: 19.4
Is/Was Policy Convertible: Yes
To What Date or Age: 59
Beneficiary: Rick Knox Family Trust
Policy Riders:
Assigned: No
Policy ValuesValues As Of: 01-Nov-2014
Death Benefit Option: Level
Base Death Benefit: $1,000,000.00
Term Rider: $0.00
Gross Death Benefit: $1,000,000.00
Net Death Benefit: $1,000,000.00
INSIGHT Base ReportPolicy: 338838383 | Client ID: 0335
Policy Owner: Rick Knox Family Trust
keeping trusts on track Page: 2 of 9
After level term period premium rises.
Important to make grantor and insured aware of this option.
Term
Items That Need To Be Reviewed – Specific Policy Types
Independent Life Insurance Experts
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Whole Life
PremiumsCurrent Premium: $10,000.00
Current Out-of-Pocket Amount: $10,000.00
Premium Mode: Annual
Remainder Paid By: Out of Pocket
Policy Is Paid Up: No
Next Premium Due Date: 19-Oct-2015
Last Premium Paid Date: 21-Oct-2015
Last Out-of-Pocket Amount: $10,000.00
Insured InformationInsured Name: Samuel L. Jackson
Risk Class: Non-Smoker
DOB: 21-Dec-1948
DOD:
Gender: Male
Issue Age: 66
Current Age: 66
Life Expectancy: 16.48
Carrier RatingsComdex: 94 (out of 100)
AM Best: A+ (2 of 17)
Standard & Poor's: AA- (4 of 25)
Moody's: Aa3 (4 of 22)
Weiss: B (5 of 17)
Fitch: AA- (4 of 22)
INSIGHT Base ReportPolicy: 6465465 | Client ID: 0335
Policy Owner: Samuel L. Jackson Irrevocable Trust
keeping trusts on track Page: 3 of 11
Out of Pocket premium can be reduced by dividends.
Policy NumberPolicy Number Net Death BenefitNet Death Benefit InsuredInsured CarrierCarrier
6465465 $500,000.00 Samuel L. Jackson MetLife Insurance Company USA
Grading
Policy Grade
A+Based on current annual premiums and life expectancy,
probability of coverage is 100.00 %.
← Superior to Poor →
A+ A A- B+ B C D F
Carrier Strength
A+Based on combining various carrier rating services, the
Comdex ranking and the admitted assets of the carrier to
create a unique Carrier Grade within the IIQ system.
← Strong to Weak →
A+ A A- B+ B C D F
Policy DetailsIIQ #: 0335-00020
Policy Number: 6465465
Policy Type: Whole Life
Plan Name: Presidential 100
Carrier: MetLife Insurance Company USA
Issue Date: 19-Oct-2015
Effective Date: 19-Oct-2015
Split Dollar: N/P
Carrier Agent of Record
Beneficiary:Samuel L. Jackson Irrevocable
Trust
Policy Riders:
Assigned: N/P
Policy ValuesValues As Of: 19-Oct-2015
Base Death Benefit: $500,000.00
Term Rider: $0.00
Paid-Up Additions: $0.00
Gross Death Benefit: $500,000.00
Net Death Benefit: $500,000.00
Gross Cash Value: $3,000.00
Net Cash Value: $3,000.00
Loan Balance: $0.00
Accrued Interest: $0.00
Annual Dividend: $0.00
Participating Policy: Yes
Dividend Election: Paid Up Additions
INSIGHT Base ReportPolicy: 6465465 | Client ID: 0335
Policy Owner: Samuel L. Jackson Irrevocable Trust
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Participating policies pay dividends.
The Term Rider and Paid-Up Additions provide additional death benefit to the base death benefit provided.
Review dividend election. Is this optimal election for policy goals?
Current Policy ProjectionCurrent Policy Year: 1
Current Premium: $10,000.00
Illustration Date: 19-Oct-2015
Projected Net Cash Value at Maturity: $500,000.00
MaturityMaturity Age 100
Policy Is Projected to Lapse: No
Out of Pocket Premiums Need to Resume: No
Out of Pocket Premiums Need to Increase No
Coverage After Maturity: No
Policy to Endow Fully at Maturity: Yes
Policy Loan at Maturity: No
Policy Projected to Reach LE: Yes
INSIGHT Base ReportPolicy: 6465465 | Client ID: 0335
Policy Owner: Samuel L. Jackson Irrevocable Trust
keeping trusts on track Page: 4 of 11
By design WL policies endow at maturity (cash value = death benefit). Review policy to ensure it is on track.
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itm-twentyfirst.comPage: 14
Current Assumption Universal Life (CAUL)
PremiumsCurrent Premium: $2,500.00
Premium Mode: Annual
Premium Duration: Through Year 40
Next Premium Due: 15-Jan-2015
Last Cash Premium Paid Date: 05-Jan-2017
Last Cash Premium Paid Amount: $2,500.00
Total Premiums Paid: $110,000.00
Planned Premium Suspension: Yes - Policy Year 10
Insured InformationInsured Name: David J. Thompson
Risk Class: Preferred
DOB: 14-Apr-1950
DOD:
Gender: Male
Issue Age: 60
Current Age: 66
Life Expectancy: 22.48
Carrier RatingsFinancially Responsible Carrier: Lincoln Benefit
Comdex: 56 (out of 100)
AM Best: A- (4 of 17)
Standard & Poor's: BBB+ (8 of 25)
Moody's:
Weiss: C+ (7 of 17)
Fitch:
Current Policy ProjectionCurrent Premium: $2,500.00
Current Policy Year: 7
Illustration Date: 04-Jan-2017
Lapse Year Based on Non-Guaranteed Assumptions: Policy Year 21
Lapse Year Based on Guaranteed Costs & Charges:
Continuation of Coverage to LE No
Continuation of Coverage to Age 100 No
Continuation of Coverage to Maturity No
INSIGHT Base ReportPolicy: UL08082006 | Client ID: 0335
Policy Owner: David and Jackie Thompson Insurance Trust Dated 6/6/2006
keeping trusts on track Page: 3 of 11
Policy Year 10
This is the premiumactually paid, not necessarily the scheduled premium. You should confirm with expectations.
Provides an updatedbreakdown of ratings of financially responsible carrier.
Represent high potential liability for the trustee.
Premiums scheduled to cease based on prior information.
This should bereviewed annuallyfor changes.
Lapse year based on current premium and current and guaranteed assumptions and is one of the most importantpieces of information.
MaturityAssumed Interest Rate 3.00%
Maturity Age: 100
Coverage After Maturity: Yes - Full Death Benefit
Minimum Annual Premium to Maturity $10,000.00
As of: 04-Jan-2017
Premium Duration Through Year 10
Premium to Fully Endow at Maturity N/A
No-Lapse GuaranteeIssued with NLG: No
Interest Crediting RatesCurrent Rate 3.00%
Guaranteed Rate 3.00%
INSIGHT Base ReportPolicy: UL08082006 | Client ID: 0335
Policy Owner: David and Jackie Thompson Insurance Trust Dated 6/6/2006
keeping trusts on track Page: 4 of 11
Important informationas not all CAUL policiespay the full deathbenefit at maturity.
Some Current Assumption products will be issued with a guarantee for a specified number of years, though not lifetime.Note that the
current rate is also the guaranteed rate.
Independent Life Insurance Experts
itm-twentyfirst.comPage: 15
Guaranteed Universal Life (GUL)
PremiumsCurrent Premium: $50,000.00
Premium Mode: Annual
Premium Duration: To Age 100
Next Premium Due: 13-Nov-2015
Last Cash Premium Paid Date: 21-Oct-2015
Last Cash Premium Paid Amount: $50,000.00
Total Premiums Paid:
Planned Premium Suspension: No
Insured InformationInsured Name: Samuel L. Jackson
Risk Class: Non-Smoker
DOB: 21-Dec-1948
DOD:
Gender: Male
Issue Age: 65
Current Age: 67
Life Expectancy: 15.77
Carrier RatingsComdex: 90 (out of 100)
AM Best: A+ (2 of 17)
Standard & Poor's: AA- (4 of 25)
Moody's: A1 (5 of 22)
Weiss: B (5 of 17)
Fitch: A+ (5 of 22)
Current Policy ProjectionCurrent Premium: $50,000.00
Current Policy Year: 2
Illustration Date: 01-Nov-2014
Lapse Year Based on Non-Guaranteed Assumptions: Not Projected to Lapse
Lapse Year Based on Guaranteed Costs & Charges: Lifetime
Continuation of Coverage to LE Yes
Continuation of Coverage to Age 100 Yes
Continuation of Coverage to Maturity Yes
INSIGHT Base ReportPolicy: 11122014 | Client ID: 0335
Policy Owner: Samuel L. Jackson Irrevocable Trust
keeping trusts on track Page: 3 of 12
$100,000
This should be reviewed annually for changes.
Outcomes based on premium being paid as outlined.
MaturityAssumed Interest Rate 2%
Maturity Age: 120
Coverage After Maturity: Yes - Full Death Benefit
Minimum Annual Premium to Maturity $50,000As of: 01-Nov-2014
Premium Duration
Premium to Fully Endow at Maturity N/A
As of:
Premium Duration
No-Lapse GuaranteeIssued with NLG: Yes
Is the NLG In Effect: Yes
Interest Crediting RatesCurrent Rate 2%
Guaranteed Rate 2%
INSIGHT Base ReportPolicy: 11122014 | Client ID: 0335
Policy Owner: Samuel L. Jackson Irrevocable Trust
keeping trusts on track Page: 4 of 12
Policy Year 35
Important to review current status of death benefit guarantee.
Policy does not need to endow since full death benefit is paid at maturity.
Current Policy ProjectionCurrent Policy Year: 10
Current Premium: $8,770.00
Illustration Date: 23-Jul-2015
MaturityAssumed Net Rate of Return 5.5% 7.5%
Assumed Gross Rate of Return 6% 8.0%
Maturity Age: 100 100
Coverage After Maturity: Yes - Full Death Benefit Yes - Full Death Benefit
Minimum Annual Premium to Maturity $17,292.00 $10,554.00
As of: 23-Jul-2015 23-Jul-2015
Premium Duration To Age 100 To Age 100
Premium to Fully Endow at Maturity N/A N/A
As of:
Premium Duration
No-Lapse Guarantee (NLG)Issued with NLG: Yes
Is the NLG In Effect: Yes
NLG Duration Based on Current Premium:
INSIGHT Base ReportPolicy: 94298064 | Client ID: 0335
Policy Owner: Samuel L. Jackson Irrevocable Trust
keeping trusts on track Page: 4 of 13
Two illustrations showing outcomes at two different investment returns are run.
Variable Universal Life (VUL)
Policy NumberPolicy Number Net Death BenefitNet Death Benefit InsuredInsured CarrierCarrier
94298064 $1,300,000.00 Elizabeth P JacksonJohn Hancock Life Insurance
Company (USA)
Grading
Policy Grade
FBased on current annual premiums and life expectancy,
probability of coverage is 21.54 %.
← Superior to Poor →
A+ A A- B+ B C D F
Carrier Strength
ABased on combining various carrier rating services, the
Comdex ranking and the admitted assets of the carrier to
create a unique Carrier Grade within the IIQ system.
← Strong to Weak →
A+ A A- B+ B C D F
Policy DetailsIIQ #: 0335-00021
Policy Number: 94298064
Policy Type: Variable Universal
Plan Name: Accumulation VUL
Carrier:John Hancock Life Insurance
Company (USA)
Issue Date: 28-Jun-2006
Effective Date: 28-Jun-2006
Split Dollar: N/P
Modified Endowment Contract: No
Carrier Agent of Record
Beneficiary:Samuel L. Jackson Irrevocable
Trust
Policy Riders:
Assigned: N/P
Policy ValuesValues As Of: 27-Mar-2016
Death Benefit Option: Level
Base Death Benefit: $1,300,000.00
Term Rider: $0.00
Gross Death Benefit: $1,300,000.00
Net Death Benefit: $1,300,000.00
Gross Cash Value: $122,829.41
Surrender Charge: $0.00
Net Cash Value: $122,829.41
Loan Balance: $0.00
Accrued Interest: $0.00
INSIGHT Base ReportPolicy: 94298064 | Client ID: 0335
Policy Owner: Samuel L. Jackson Irrevocable Trust
keeping trusts on track Page: 2 of 13
A level death benefit provides the death benefit only. An increasing death benefit provides the death benefit plus the cash value, or the premium paid.
Premium to endow not needed since full death benefit is paid.
Some VUL policies also have a death benefit guarantee.
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Sample Base CAUL Report
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Sample CAUL Insight Report
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INSIGHTINSIGHT™
Base ReportBase Report
Life Insurance Policy Analysis & ReportingLife Insurance Policy Analysis & Reporting
UniversalUniversal
Prepared For:Prepared For: InsuranceIQ Bank & Trust CompanyInsuranceIQ Bank & Trust Company
Policy Owner:Policy Owner: David and Jackie Thompson Insurance Trust Dated 6/6/2006David and Jackie Thompson Insurance Trust Dated 6/6/2006
Trustee Name:Trustee Name: InsuranceIQ Bank & Trust CompanyInsuranceIQ Bank & Trust Company
Policy Number:Policy Number: UL08082006UL08082006
Client ID:Client ID: 03350335
Report Date:Report Date: 23-Mar-201723-Mar-2017
CONFIDENTIALCONFIDENTIAL
INSIGHT Base ReportPolicy: UL08082006 | Client ID: 0335
Policy Owner: David and Jackie Thompson Insurance Trust Dated 6/6/2006
keeping trusts on track Page: 1 of 11
Reviews are completed once all information has been provided by the carrier and are typically posted within 60 days of the anniversary date.
Independent Life Insurance Experts
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Policy NumberPolicy Number Net Death BenefitNet Death Benefit InsuredInsured CarrierCarrier
UL08082006 $1,000,000.00 David J. Thompson Lincoln Benefit Life Company
Grading
Policy Grade
FBased on current annual premiums and life expectancy,
probability of coverage is 17.57 %.
← Superior to Poor →
A+ A A- B+ B C D F
Carrier Strength
FBased on�combining various carrier rating services, the
Comdex ranking and the admitted assets of the carrier to
create a unique Carrier Grade within the IIQ system.
← Strong to Weak →
A+ A A- B+ B C D F
Policy DetailsIIQ #: 0335-00006
Policy Number: UL08082006
Policy Type: Universal
Plan Name: Legacy Secure
Carrier: Lincoln Benefit Life Company
Issue Date: 15-Apr-2010
Effective Date: 15-Apr-2010
Split Dollar: No
Modified Endowment Contract: No
Carrier Agent of Record Tom Jones - (800) 555-5555
Beneficiary:David and Jackie Thompson
Insurance Trust Dated 6/6/2006
Policy Riders: Accelerated Benefits Rider
Assigned: No
Policy ValuesValues As Of: 15-Apr-2016
Death Benefit Option: Level
Base Death Benefit: $1,000,000.00
Term Rider: $0.00
Gross Death Benefit: $1,000,000.00
Net Death Benefit: $1,000,000.00
Gross Cash Value: $90,251.00
Surrender Charge: $9,000.00
Other Adjustments: $0.00
Net Cash Value: $81,251.00
Loan Balance: $0.00
Accrued Interest: $0.00
INSIGHT Base ReportPolicy: UL08082006 | Client ID: 0335
Policy Owner: David and Jackie Thompson Insurance Trust Dated 6/6/2006
keeping trusts on track Page: 2 of 11
The Policy Grade is based on the probability a policy will pay a death benefit, not necessarily the quality of the policy.
Carrier strength is a proprietary rating based on public information.
Independent Life Insurance Experts
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PremiumsCurrent Premium: $2,500.00
Premium Mode: Annual
Premium Duration: Through Year 40
Next Premium Due: 15-Jan-2015
Last Cash Premium Paid Date: 05-Jan-2017
Last Cash Premium Paid Amount: $2,500.00
Total Premiums Paid: $110,000.00
Planned Premium Suspension: Yes - Policy Year 10
Insured InformationInsured Name: David J. Thompson
Risk Class: Preferred
DOB: 14-Apr-1950
DOD:
Gender: Male
Issue Age: 60
Current Age: 66
Life Expectancy: 22.48
Carrier RatingsFinancially Responsible Carrier: Lincoln Benefit
Comdex: 56 (out of 100)
AM Best: A- (4 of 17)
Standard & Poor's: BBB+ (8 of 25)
Moody's:
Weiss: C+ (7 of 17)
Fitch:
Current Policy ProjectionCurrent Premium: $2,500.00
Current Policy Year: 7
Illustration Date: 04-Jan-2017
Lapse Year Based on Non-Guaranteed Assumptions: Policy Year 21
Lapse Year Based on Guaranteed Costs & Charges:
Continuation of Coverage to LE No
Continuation of Coverage to Age 100 No
Continuation of Coverage to Maturity No
INSIGHT Base ReportPolicy: UL08082006 | Client ID: 0335
Policy Owner: David and Jackie Thompson Insurance Trust Dated 6/6/2006
keeping trusts on track Page: 3 of 11
Policy Year 10
This is the premiumactually paid, notnecessarily thescheduled premium.You should confirm withexpectations.
Provides an updatedbreakdown of ratings offinancially responsiblecarrier.
Represent high potential liability for the trustee.
Premiums scheduled to cease based on prior information.
This should bereviewed annuallyfor changes.
Lapse year based on current premium and current and guaranteed assumptions and is one of the most importantpieces if information.
Independent Life Insurance Experts
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MaturityAssumed Interest Rate 3.00%
Maturity Age: 100
Coverage After Maturity: Yes - Full Death Benefit
Minimum Annual Premium to Maturity $10,000.00
As of: 04-Jan-2017
Premium Duration Through Year 10
Premium to Fully Endow at Maturity N/A
No-Lapse GuaranteeIssued with NLG: No
Interest Crediting RatesCurrent Rate 3.00%
Guaranteed Rate 3.00%
INSIGHT Base ReportPolicy: UL08082006 | Client ID: 0335
Policy Owner: David and Jackie Thompson Insurance Trust Dated 6/6/2006
keeping trusts on track Page: 4 of 11
Some Current Assumptionproducts will be issuedwith a guarantee fora specified number ofyears, though not lifetime.
Note that the currentrate is also theguaranteed rate.
Important informationas not all CAUL policiespay the full deathbenefit at maturity.
Independent Life Insurance Experts
itm-twentyfirst.com
Life ExpectancyBased on 2008 Valuation Basic Tables and is for the general public at large. It does not take into consideration the insured's family history, medical
condition, lifestyle or other factors affecting the individual's life expectancy. For a personalized life expectancy report, please contact your advisor
for more information.
David J. Thompson
Insured's Age 66
Insured's Life Expectancy 22.48
Insured's Risk Class Preferred Non-Smoker
CurrentCurrent
AgeAge
Age atAge at
Median LEMedian LE
6666 8888 120120
INSIGHT Base ReportPolicy: UL08082006 | Client ID: 0335
Policy Owner: David and Jackie Thompson Insurance Trust Dated 6/6/2006
keeping trusts on track Page: 5 of 11
Generic life expectancybased on age, sex andsmoker status.
This is a “generic”life expectancy. Apersonalized LifeExpectancy (LE) Reportis available from ITMTwentyFirst.
Independent Life Insurance Experts
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Illustrated ValuesCurrent Illustration Date: 04-Jan-2017
Current Policy Year: 7
Assumed Interest Rate: 3.00%
Alternate Illustration Date 04-Jan-2017
Current Policy Year 7
Assumed Interest Rate 3.00%
Current Illustration Maturity/Alternate Illustration
PolicyPolicy
YearYearAgeAge
Out-of-Pocket Out-of-Pocket
PremiumPremium
AccountAccount
Value*Value*
DeathDeath
Benefit*Benefit*IRRIRR
Out-of-Pocket Out-of-Pocket
PremiumPremium
AccountAccount
Value*Value*
DeathDeath
Benefit*Benefit*IRRIRR
7 67 $0.00 $87,000.00 $1,000,000.00 1000% + $0.00 $87,000.00 $1,000,000.00 1000% +
8 68 $2,500.00 $88,000.00 $1,000,000.00 269.55 % $10,000.00 $95,000.00 $1,000,000.00 266.72 %
9 69 $2,500.00 $90,000.00 $1,000,000.00 135.43 % $10,000.00 $105,000.00 $1,000,000.00 132.32 %
10 70 $2,500.00 $85,000.00 $1,000,000.00 88.75 % $10,000.00 $110,000.00 $1,000,000.00 85.57 %
11 71 $0.00 $75,000.00 $1,000,000.00 65.64 % $0.00 $105,000.00 $1,000,000.00 62.78 %
12 72 $0.00 $65,000.00 $1,000,000.00 51.95 % $0.00 $100,000.00 $1,000,000.00 49.36 %
13 73 $0.00 $60,000.00 $1,000,000.00 42.94 % $0.00 $95,000.00 $1,000,000.00 40.58 %
14 74 $0.00 $55,000.00 $1,000,000.00 36.56 % $0.00 $90,000.00 $1,000,000.00 34.41 %
15 75 $0.00 $50,000.00 $1,000,000.00 31.82 % $0.00 $85,000.00 $1,000,000.00 29.84 %
16 76 $0.00 $40,000.00 $1,000,000.00 28.16 % $0.00 $80,000.00 $1,000,000.00 26.33 %
17 77 $0.00 $35,000.00 $1,000,000.00 25.25 % $0.00 $75,000.00 $1,000,000.00 23.55 %
18 78 $0.00 $30,000.00 $1,000,000.00 22.88 % $0.00 $70,000.00 $1,000,000.00 21.30 %
19 79 $0.00 $20,000.00 $1,000,000.00 20.92 % $0.00 $65,000.00 $1,000,000.00 19.43 %
20 80 $0.00 $10,000.00 $1,000,000.00 19.26 % $0.00 $60,000.00 $1,000,000.00 17.87 %
21 81 $0.00 $0.00 $0.00 $0.00 $55,000.00 $1,000,000.00 16.53 %
22 82 $0.00 $50,000.00 $1,000,000.00 15.38 %
23 83 $0.00 $45,000.00 $1,000,000.00 14.38 %
24 84 $0.00 $40,000.00 $1,000,000.00 13.50 %
25 85 $0.00 $35,000.00 $1,000,000.00 12.73 %
26 86 $0.00 $30,000.00 $1,000,000.00 12.03 %
* Non-guaranteed
Current Projected Values Projected Maturity Values Life Expectancy Projected Lapse
INSIGHT Base ReportPolicy: UL08082006 | Client ID: 0335
Policy Owner: David and Jackie Thompson Insurance Trust Dated 6/6/2006
keeping trusts on track Page: 6 of 11
Outcome assuming current premium under current assumptions.
Premium needed for policy to run to maturity under current assumptions.
The internal rate of return (IRR) measures the profitability or loss from this point forward based on future premiums paid measured against the death benefits of the policy. It does not include past premium payments.
Independent Life Insurance Experts
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Illustrated Values Continued
Current Illustration Date: 04-Jan-2017
Current Policy Year: 7
Assumed Interest Rate: 3.00%
Alternate Illustration Date 04-Jan-2017
Current Policy Year 7
Assumed Interest Rate 3.00%
Current Illustration Maturity/Alternate Illustration
PolicyPolicy
YearYearAgeAge
Out-of-Pocket Out-of-Pocket
PremiumPremium
AccountAccount
Value*Value*
DeathDeath
Benefit*Benefit*IRRIRR
Out-of-Pocket Out-of-Pocket
PremiumPremium
AccountAccount
Value*Value*
DeathDeath
Benefit*Benefit*IRRIRR
27 87 $0.00 $28,000.00 $1,000,000.00 11.41 %
28 88 $0.00 $25,000.00 $1,000,000.00 10.85 %
29 89 $0.00 $20,000.00 $1,000,000.00 10.34 %
30 90 $0.00 $15,000.00 $1,000,000.00 9.88 %
31 91 $0.00 $14,000.00 $1,000,000.00 9.45 %
32 92 $0.00 $13,000.00 $1,000,000.00 9.06 %
33 93 $0.00 $12,000.00 $1,000,000.00 8.71 %
34 94 $0.00 $11,000.00 $1,000,000.00 8.37 %
35 95 $0.00 $10,000.00 $1,000,000.00 8.07 %
36 96 $0.00 $8,000.00 $1,000,000.00 7.78 %
37 97 $0.00 $75,000.00 $1,000,000.00 7.52 %
38 98 $0.00 $5,000.00 $1,000,000.00 7.27 %
39 99 $0.00 $2,500.00 $1,000,000.00 7.04 %
40 100 $0.00 $1,000.00 $1,000,000.00 6.82 %
* Non-guaranteed
Current Projected Values Projected Maturity Values Life Expectancy Projected Lapse
INSIGHT Base ReportPolicy: UL08082006 | Client ID: 0335
Policy Owner: David and Jackie Thompson Insurance Trust Dated 6/6/2006
keeping trusts on track Page: 7 of 11
Independent Life Insurance Experts
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Trust Relationships
Grantors
Trust NameTrust NameContactContact
InformationInformationDate of BirthDate of Birth Phone NumberPhone Number EmailEmail
Preferred MethodPreferred Method
of Communicationof Communication
David and Jackie
Thompson Insurance
Trust Dated 6/6/2006
Mr. David J. Thompson
123 Main St.
Cedar Falls IA 50613
14-Apr-1950 (66)
Beneficiaries
Trust NameTrust NameContactContact
InformationInformationDate of BirthDate of Birth Phone NumberPhone Number EmailEmail
Preferred MethodPreferred Method
of Communicationof Communication
David and Jackie
Thompson Insurance
Trust Dated 6/6/2006
Mr. Billy T. Thompson
1212 Main St.
Chicago IL 41515
05-May-1995 (21)
Policy OwnerOwnerOwner %% Trust Account #Trust Account # Federal Tax IDFederal Tax ID
David and Jackie Thompson
Insurance Trust Dated 6/6/2006100.00% 06062006 060620060
Policy BeneficiaryBeneficiaryBeneficiary %%
David and Jackie Thompson
Insurance Trust Dated 6/6/2006100.00%
INSIGHT Base ReportPolicy: UL08082006 | Client ID: 0335
Policy Owner: David and Jackie Thompson Insurance Trust Dated 6/6/2006
keeping trusts on track Page: 8 of 11
Current Trustee provided information.
Independent Life Insurance Experts
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Review DetailsCurrent ReviewCurrent Review Last ReviewLast Review ChangeChange
Variances 4 1
Maintenance Items 0 1
Action Items 1 5
Policy Grade F B
Carrier Grade F F
Current Premium $2,500.00 $1,500.00
Net Death Benefit $1,000,000.00 $1,000,000.00
Net Cash Value $81,251.00 $81,251.00
Projected Lapse Year Policy Year 21 35
VariancesFieldField Client ProvidedClient Provided Carrier ProvidedCarrier Provided Date of ResolutionDate of Resolution
Current Premium $1,500.00 $2,500.00
Is Policy Currently Assigned N/P No
Policy Beneficiary Name
David and Jackie Thompson
Insurance Trust Dated 6/6/2006
(100 %)
Jackie Thompson (100 %) 04-May-2015
Premium Mode Quarterly Annual
Split Dollar N/P No
INSIGHT Base ReportPolicy: UL08082006 | Client ID: 0335
Policy Owner: David and Jackie Thompson Insurance Trust Dated 6/6/2006
keeping trusts on track Page: 9 of 11
Variances should be dealt with accordingly and ITM TwentyFirst should be alerted to resolution.
Check marks note the changes since last review and provide easy way to track year to year differences that should be dealt with.
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Action ItemsDescriptionDescription
ALERT – Increase in current premiums has been determined to continue coverage to maturity. Contact Grantor and request an increase in the fundsbeing gifted to allow the policy to be continued to policy maturity. See the Policy Review Profile for additional information on premium required to sustain policy.If the Grantor is unable or unwilling to increase premium payments, consider all other options available after meeting directly with the Grantor and/or TrustBeneficiaries. Reduction in the amount of coverage or policy replacement may be viable options.
Maintenance ItemsDescriptionDescription
INSIGHT Base ReportPolicy: UL08082006 | Client ID: 0335
Policy Owner: David and Jackie Thompson Insurance Trust Dated 6/6/2006
keeping trusts on track Page: 10 of 11
Action and maintenance items should be reviewed for each report and dealt with accordingly.
Independent Life Insurance Experts
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DisclaimerThis report is based in part on information provided by third parties, including life insurance carriers, general agencies, and VitalSigns (which
provides all information relating to carrier financial profile, ratings and Comdex information). While ITM TwentyFirst has obtained information from
sources it believes to be reliable, ITM TwentyFirst does not perform an audit of such information and undertakes no duty to do so. Policy funding
options are based on certain key assumptions, including the timely payment of premiums, crediting rates, policy charges, dividends and expenses.
In no way does ITM TwentyFirst guarantee that the policy will perform as projected under the various funding scenarios. Furthermore, in no way
does ITM TwentyFirst guarantee that the projected rates of returns and net values will be achieved. The life expectancy is not a prediction of how
long an individual will live, but rather the average survival time amongst a particular group based on insurance industry tables. There can be no
guarantee that the mortality tables used to project the insured�s life expectancy are the best tables and criteria for the particular insured. ITM
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INSIGHT Base ReportPolicy: UL08082006 | Client ID: 0335
Policy Owner: David and Jackie Thompson Insurance Trust Dated 6/6/2006
keeping trusts on track Page: 11 of 11
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