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ILIT Pre-Acceptance Review Services

We Help Trustees Make Informed Decisions about Whether to Accept Life Insurance Policies Into ILITs

Several critical factors require careful consideration before accepting a life insurance policy into an irrevocable life insurance trust (ILIT). Trustees need to make sound decisions based on complete and accurate information, and they need to assess the risks that each new policy presents thoroughly. Failure to do so can lead to administrative challenges, costs, and liability exposure, and it can become difficult for trustees to extricate themselves from difficult situations.

Given these concerns, it is essential for ILIT trustees to conduct pre-acceptance reviews of life insurance policies. Of course, this is easier said than done. What factors do you need to consider? When are the risks of accepting a policy untenable? How do you make the right decisions for your fiduciary practice consistently on an ongoing basis? These are just some of the questions we can help you answer.

ILIT Pre-Acceptance Review Services Focused on Risk Identification and Mitigation

Insurance Trust Services (ITS), LLC provides comprehensive pre-acceptance review services for ILIT trustees nationwide. With decades of combined experience in the ILIT market, we are intimately familiar with the challenges posed by problematic life insurance policies. We understand the types of issues that present unmanageable risks for trustees, and we know how and when trustees can manage policy-related risks effectively.

Our pre-acceptance review services include:

  • Insurance Policy Reviews: During pre-acceptance, we review life insurance policies with a focus on identifying potential performance issues that present liability risks for trustees. We examine all aspects of life insurance policies, from funding and face to mortality risks and existing remediation concerns.
  • Trust Reviews: When conducting a pre-acceptance review, it is also necessary to examine the trust to determine whether any specific or unique aspects of the trust present concerns with respect to the policy under review. In many cases, trust-related concerns can be addressed directly to facilitate the low-risk and cost-effective acceptance of new policies.
  • Comprehensive Reporting: We deliver a comprehensive report within 72 hours of receiving all pertinent policy information. Our comprehensive reports identify any and all concerns in the area of trustee risk, including liability-related concerns arising out of both policy and trust issues.
  • Consultation Regarding Acceptance: After providing our comprehensive report, we also provide any and all desired consultation regarding acceptance. If you have questions about particular risks or the available solutions, we are more than happy to work with you until you reach an informed decision about your best path forward.

A pre-acceptance review is a critical component of effective administration and risk management for ILIT trustees. If you need help making informed decisions about policy acceptance, we invite you to contact us to learn more.

Learn More about Our Pre-Acceptance Review Services for ILIT Trustees

Would you like more information about our pre-acceptance review services for ILIT trustees? If so, we encourage you to get in touch. To speak with one of our experienced team members in confidence, please call 561-241-9595 or contact us online today.

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