Evaluates insurance needs with gap analysis, product comparison, and coverage adequacy assessment. Use when analyzing insurance needs, comparing insurance products, or identifying coverage gaps.
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Evaluates insurance needs with gap analysis, product comparison, and coverage adequacy assessment. Use when analyzing insurance needs, comparing insurance products, or identifying coverage gaps.
Client requests a comprehensive insurance review as part of wealth planning or life event (marriage, business formation, retirement, liquidity event)
Identifying coverage gaps across life, disability, liability, property, and specialty lines
Comparing policy structures, riders, and carrier options for a specific coverage need
Evaluating adequacy of existing coverage relative to net worth, income replacement, estate plan, or business obligations
Coordinating insurance planning with estate, tax, and investment strategies
Inputs To Gather
Personal profile: Age, health status, family composition, dependents, state of domicile [VERIFY jurisdiction-specific requirements]
Financial snapshot: Net worth summary, annual income (earned and passive), major assets, outstanding liabilities
Existing coverage inventory: All current policies with carrier, type, face amount, premium, cash value (if applicable), beneficiary designations, and policy anniversary dates
Estate and entity structure: Trusts (ILIT, SLAT, dynasty), business entities, buy-sell agreements, key-person exposure
Risk exposures: Liability profile (professional, personal, umbrella), concentrated asset positions, real property holdings, collectibles or specialty assets
Client objectives: Income replacement targets, estate liquidity needs, charitable goals, legacy preferences, risk tolerance for self-insuring
Workflow
Inventory existing coverage
Catalog all policies by line: life (term, whole, UL, VUL, SUL), disability (individual, group, supplemental), long-term care, liability (umbrella, excess), property/casualty, and specialty (D&O, E&O, cyber)
Record key terms: death benefit, elimination periods, benefit periods, exclusions, riders, surrender charges, loan provisions
Note policy ownership structure — personal, trust-owned (ILIT), or entity-owned — and confirm beneficiary designations align with estate plan
Quantify coverage needs
Income replacement: Calculate human life value or capitalized income method; compare against existing group and individual disability/life coverage
Estate liquidity: Estimate federal and state estate tax exposure [VERIFY current exemption amounts and state estate/inheritance tax thresholds], administration costs, and debts payable at death
Business continuity: Size buy-sell funding needs, key-person coverage, and loan guaranty protection
Liability exposure: Assess umbrella/excess needs based on total net worth, asset visibility, board seats, and professional activities
Long-term care: Model self-insurance capacity versus transfer via standalone LTC, hybrid life/LTC, or annuity-based LTC
Perform gap analysis
Map quantified needs against existing coverage to identify shortfalls, overlaps, and misallocations
Flag structural issues: policies owned personally that should be trust-owned for estate exclusion, mismatched beneficiary designations, group coverage with portability risk
Identify cost inefficiencies: underperforming cash-value policies, overlapping riders, policies past surrender-charge periods that could be exchanged (1035 exchange) [VERIFY tax-free exchange requirements]
Develop recommendations
For each gap, present options ranked by cost-effectiveness and fit:
Product type and structure (e.g., term ladder vs. permanent, standalone LTC vs. hybrid)
Carrier comparison: financial strength ratings (AM Best, S&P, Moody's), product-specific features, underwriting competitiveness for client's health class
Ownership and beneficiary structuring aligned with estate plan
Address premium funding strategy: out-of-pocket, premium financing [VERIFY lender requirements and collateral terms], or split-dollar arrangements
Integrate with broader wealth plan: coordinate with trust counsel on ILIT provisions, with CPA on deductibility of business-owned policies, and with investment advisor on asset allocation impact
Compile management report
Executive summary of coverage posture: adequate, under-insured, or over-insured by line
Gap analysis matrix showing need, current coverage, shortfall, and recommended action
Implementation timeline with priority ranking (critical gaps first)
Premium budget impact (current vs. proposed annual outlay)
Open items requiring client decision or third-party coordination
Output
The deliverable is an Insurance Planning Management Report containing:
Coverage inventory table with policy details and ownership/beneficiary mapping
Needs analysis with quantified targets by category
Gap analysis matrix with shortfall amounts and risk ratings
Ranked recommendations with product comparisons and carrier options
Implementation action plan with responsible parties and target dates
Premium budget summary (current state vs. proposed state)
Quality Checks
Verify all policy data against in-force illustrations or carrier statements — do not rely on client recollection alone
Confirm beneficiary designations are consistent with current estate documents [VERIFY state community property or elective share rules]
Validate estate tax projections use current exemption amounts and applicable state thresholds [VERIFY annually — federal exemption sunset provisions]
Ensure product comparisons use consistent assumptions (interest crediting rates, mortality charges, lapse scenarios)
Flag any coverage recommendation that depends on insurability — note underwriting risk if client has known health issues
Mark all jurisdiction-dependent guidance with [VERIFY] for advisor confirmation before client presentation
Cross-check that trust-owned policy recommendations align with ILIT terms (Crummey powers, trustee authority to pay premiums)
