Policy Delivery includes implementation of the plan, including a summary of the transaction and anticipated ongoing administration. This is often a joint effort between a Member Firm’s Underwriting and Client Service teams.
Confirm Policy Accuracy
Policies are reviewed to ensure that they are issued with correct names, ages, underwriting classes, product, ownership and beneficiary designations, and premium amounts.
Many Member Firms prepare a delivery kit for the policyowner/client, which includes required delivery documents, an invoice for premium due, and either the original or a copy of the policy, depending on whether a plan manual will be created. Copies may also be provided to the client’s advisors, as appropriate.
Plan Administrative Manual
An administrative manual may be prepared, which contains all the pertinent materials related to the plan. Member Firms may coordinate a meeting with the client and other appropriate parties to deliver the manual, during which they review the purpose of coverage, details of the transaction, and future administrative activities. The manual may be presented as a hard copy binder, a CD, or an electronic file.
Future Service and Administration
Member Firms often set up an administrative chronology for the plan. This may include reminders to fund trusts for premium payments and premium billing. In addition, regular reviews are conducted, which are presented in the method of the client’s choosing. Member Firms will work with the client and their advisors to clarify reporting and notification needs, including trust beneficiary withdrawal (“Crummey”) notices, IRC Section 101(j), reportable income, etc. Member Firms also work with the actuarial team at M Financial to monitor policy performance and assess if policies are on track to meet plan objectives.