One of the first steps in the wealth advisory process is to review and analyze any planning that has been implemented to date. A key part of this review usually includes an analysis of any existing insurance.
At Insurance Design Management, we take an in-depth look at the existing insurance and analyze not only the cost/benefit structure, but also the ownership and beneficiary structures to ensure these have been properly setup. In addition, we will determine if the amount, the type and the design of the insurance is appropriate and effective for the client’s needs. We also scrutinize the funding design and review its impact relative to any gifting limitations the client may have.
Our ultimate goal in the analysis is to determine whether this existing insurance is working in conjunction with, and complementing, the client’s overall wealth advisory goals and objectives.