Our Process

A UNIFIED APPROACH FOR DESIGNING, IMPLEMENTING AND MANAGING YOUR CUSTOM INSURANCE PORTFOLIO
Whether you are evaluating your existing coverage or investigating new insurance, Jones Lowry uses a three-pronged system to ensure that your insurance plan fits your current needs and continues to serve its intended purpose for the duration of the policy. We believe that the whole is greater than the sum of its parts and that each step of our process in isolation will yield results that fall short of those produced when all three are working in concert.

1.

We begin by customizing a blueprint that meets your unique needs by carefully analyzing your objectives and data, researching and evaluating various combinations of financial models, insurance carriers and products.

2.

Next, we unify your plan design and medical information with a proactive approach for advocating and obtaining underwriting offers with your selected insurance companies to determine the policy’s pricing.

3.

Once the structure is in place, we are committed to providing regular reviews and ongoing service to assure that your plan will continue to accomplish its intended purpose for the duration of the plan.

1.

We begin by customizing a blueprint that meets your unique needs by carefully analyzing your objectives and data, researching and evaluating various combinations of financial models, insurance carriers and products.

2.

Next, we unify your plan design and medical information with a proactive approach for advocating and obtaining underwriting offers with your selected insurance companies to determine the policy’s pricing.

3.

Once the structure is in place, we are committed to providing regular reviews and ongoing service to assure that your plan will continue to accomplish its intended purpose for the duration of the plan.

1. Policy Design

TAILORING THE POLICY DESIGN TO SUIT YOUR PURPOSE
In today’s marketplace, life insurance companies have numerous products, each with a variety of features that change frequently. Because of the complexity associated with the vast number of products, our process carefully examines the product and structure best suited to your needs. We begin the process by first examining the purpose of your coverage and the elements that will have the greatest impact on the overall design of your plan.

Choosing the right combination of elements, specific to each client’s scenario, has a very meaningful effect on policy performance. Elements to consider include: product selection, insurance company financial strength, premium funding duration, and financing methods. Throughout the process, Jones Lowry works closely with you and your other professional advisors.

Our clients generally own life insurance outside of their taxable estates in irrevocable trusts. These trust are often funded through a combination of gifting and financing methods, including: lifetime exemption trusts, annual exclusion gifts, intra-family loans, private split dollar arrangements, installment sales, and Grantor Retained Annuity Trusts (GRATs).

2. Underwriting

ADVOCACY DURING THE UNDERWRITING PROCESS CAN SIGNIFICANTLY IMPACT YOUR COST OF INSURANCE

The life insurance application process can produce many unintended results if it is not managed proactively and with the proper level of expertise. We have found that the key to avoiding unwanted surprises in this critical step is to have knowledgeable professionals advocating at the insurance company level on your behalf.

Using our knowledge of how insurance company underwriters, medical directors and actuaries make decisions, we leverage our insight to confidentially represent, clarify and coordinate the details of your application throughout each phase of the underwriting process.

By protectively positioning your medical information in a positive light to the insurance company, we can remove or reduce underwriting surprises and ultimately obtain favorable underwriting offers that can effectively lower the cost of insurance.

3. Policy Management

PROACTIVE POLICY MANAGEMENT HELPS ENSURE YOUR POLICIES CONTINUE TO PERFORM AS INTENDED

Without proper maintenance, even the soundest structures are prone to failure. That’s why the final element in crafting a sustainable insurance plan is ongoing maintenance. We believe this is now more critical than ever. Products are becoming increasingly more complex and a greater number of variables can affect the performance of any policy; particularly, large insurance portfolios.

Our policy management services are designed to ensure your coverage is meeting your expectations. Through a detailed review process and objective analysis, we determine the current performance of your insurance portfolio and identify solutions to improve it as needed. Our active and ongoing management with annual reviews:

  • Ensure your life insurance policies perform as designed and continue to meet your needs
  • Reduce the risk of policy lapse or underperformance
  • Resolve errors and prevent issues that can cause problems
  • Confirm that premium payments and planned changes are made
  • Monitor required trust administration and reporting
  • Provide you with an update on the carrier’s financial strength
  • Advise you of any new or beneficial policy features available