Life Insurance Policy Audits Uncover Charitable Donations

Life Insurance Policy Audits Uncover Charitable Donations

Forum topic posted in Forum on 27 February 2013| comments
audience: | last updated: 27 February 2013
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Good Morning,

  As we all know in this low interest rate environment "due diligence" is a hot topic.  Especially in the Life Insurance arena. Interest rates that were credited on life insurance policies 5 years ago and longer are not performing in the LIR(Low Interest Rate) environment of today. Also, in this litigous society TOLI( Trust Owned Life Insurance), is the number one problem facing Trustees whom are nor performing their duties. With all of this negative press and concern is there a silver lining?

  Yes, the silver lining is a LIfe Policy Audit®.  This program will do three thing that are advantagous to the policy holders:

  1. Show the perameters of the existing policy to see if it will lapse before its intended date
  2. What can the Owner (Individual or Trust) do to keep the policy inforce? 
  3. Are there ways to improve on the policy? Changes in insureds health, lifestyle, etc

  Where does the Charitable Giving come into play? Usually in permanent life insurance policies there is a cash value side of the policy that is used to "fund" the policy's internal costs, admin fees,etc. If one can improve on the current policy this could leave possibly $100's of thousands of capital to donate, gift and possibly fund other instruments on a tax favorable basis. There is a benefit that is beyond compare to this type of planning. Thanks and have a great Wednesday.


                                   Steve C. Goss

                                    Principal, Goss Associates Inc.

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