This assessment helps trustees quickly evaluate potential oversight gaps in trust owned life insurance policies.
Answer each question Yes, No, or Unknown.
Section 1: Review Cadence and Documentation
1) Has the policy been reviewed within the past 24 months?
Yes
No
Unknown
2) Is there a defined ILIT review cadence documented within internal procedures?
Yes
No
Unknown
3) Is each policy review documented in a written memo and stored in the trust file?
Yes
No
Unknown
4) Is current in force data obtained directly from the issuing insurance carrier during review?
Yes
No
Unknown
5) Are review findings communicated to appropriate internal fiduciary or compliance personnel?
Yes
No
Unknown
Section 2: Policy Sustainability and Performance
6) Has the policy been tested using current carrier assumptions rather than the original illustration?
Yes
No
Unknown
7) Has the guaranteed scenario been reviewed and documented?
Yes
No
Unknown
8) Is the current premium sufficient to support coverage through life expectancy or intended duration?
Yes
No
Unknown
9) Are minimum and maximum premium thresholds clearly understood?
Yes
No
Unknown
10) Have policy loans or withdrawals been evaluated for long term impact on policy sustainability?
Yes
No
Unknown
Section 3: Ownership and Beneficiary Integrity
11) Has the beneficiary designation been verified within the past 24 months?
Yes
No
Unknown
12) Does the beneficiary structure align with the language and intent of the trust document?
Yes
No
Unknown
13) Have contingent beneficiaries been reviewed and confirmed?
Yes
No
Unknown
14) Are any minor or special needs considerations properly structured within the beneficiary designation?
Yes
No
Unknown
15) Is trustee authority and policy ownership clearly documented?
Yes
No
Unknown
Section 4: Carrier and Contract Risk
16) Has the carrier financial strength rating been reviewed within the past 24 months?
Yes
No
Unknown
17) Is the policy's guarantee structure clearly understood?
Yes
No
Unknown
18) Have policy riders been reviewed for status and expiration dates?
Yes
No
Unknown
19) Are conversion deadlines or contractual time limits documented and tracked?
Yes
No
Unknown
20) Is there a documented action plan if policy sustainability concerns arise?
Yes
No
Unknown
Score 11js
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