Veralytic was able to share a suite with Insurance Trust Monitor at this year's Heckerling and we came across this excellent article written by Michael Brohawn of ITM, reflecting on observation made in 2014 and a peek into 2015. A keen observation made about policy replacements caught Veralytic's attention on "one area of growing concern in 2014 has been the quality of the replacement policy options forwarded to us for review. I am not sure if it is the lackluster sales in the high end market, but we saw more “bad” replacements this year than in any past year... Policy selection is determined by particular facts and circumstances. What has been troubling to see is the seemingly limited ability of agents to act as true advisors. We will receive a “recommendation” based on an “analysis” that consists solely of dumping the cash value of the existing policy into a new policy. Sometimes a simple modification of the existing policy produces far superior results, though no new sale."
If you missed Veralytic or ITM at Heckerling this year, look for future e-newsletters about our experience and a in-depth article on an important session that Veralytic was able to attend.
Insurance Trust Monitor, Inc. (ITM) offers third-party administration (TPA) services to corporate and non-corpoate trustees of Irrevocable Life Insurance Trusts and is considered the industry’s premier ILIT administration and risk mitigation service.
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