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Small employers should be careful in selecting a process that reduces or eliminates risks.  There are new generation turnkey solutions to address each of these responsibilities.

Tillinghast Towers Perrin study reveals the following: $ 3 Trillion in Neglected Life Insurance Cash Values - $1 Trillion Reside in Trusts.
Pricing disparity has increased dramatically -
as much as an 80% variance between best available & poorly-priced products.
75% of Trust Owned Life Insurance are managed by non-professional trustees.

“Ultimately, the ILIT trustee’s performance will
be evaluated on whether he or she developed a
prudent management process for the trust.
Future lawsuits will focus on the adequacy
of the management review process, not
selection of a particular policy within a

American Bar Association's
Probate & Property magazine
July/August 2010

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Important heads up to retirement plan trustees or employers.  Good news the Section 3(38) fiduciary rules for retirement plans can be properly addressed going forward.

What is the difference in a life insurance policy review and a policy audit? Answer the level of expertise, compliance and detail of analysis in short.  A review looks at the Carrier ratings and under current circumstances will the policy perform.  Audit goes way beyond a look over. Audit should shift fiduciary liabilities off of Trustees of Trust Owned Life Insurance. Audits should address the objectives of the policy and have they changed since purchased? Are the objectives being met? Deep analytical dive into performance and process to properly address all aspects of risks.
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