Our Insurance Acquisition Process
Gateway Financial Group specializes in the effective use of life insurance for estate, executive benefit and business planning purposes. As insurance advisors one of our roles is to design, select and acquire insurance policies that meet our clients' needs and objectives. This process includes:
- Discuss needs, objectives, concerns, priorities and funding parameters with our clients and their advisors.
- Review existing plans, insurance and documents.
- Gather medical history and obtain preliminary offers from multiple carriers*.
- Determine if insurance funding makes economical sense and if not, recommend an alternative investment vehicle and perhaps an alternative provider.
- Determine the appropriate insurance type, amount, product structure, riders, etc. Refer to Types of Life Insurance and Policy Structure Risks.
- Evaluate and compare various products in the marketplace based on preliminary underwriting offers, desired product features and flexibility.
- Compare the illustrated performance of products in the marketplace, evaluate the underlying risk assumptions of these projections and evaluate the range of results that will develop as the underlying assumptions change.
- Schedule medical and financial underwriting requirements and provide clients with tips to qualify for the most favorable outcomes*.
- Negotiate with insurance carriers to improve their underwriting offers.
Recommend insurance carriers and insurance products based on Insurance Acquisition Considerations. - Finalize product selection, ownership issues and premium-funding strategy.
- Work with the client's advisors to get related legal documents such as Trusts, Partnerships, Employment Agreements, Buy/Sell Agreements, drafted and executed.
- Coordinate execution of final insurance applications and other requirements to get policies issued.
- Prepare, distribute and explain the Policy Documentation Package to the client and their advisors. This Policy Documentation Package includes an overview of the policy funding strategy, policy highlights, policy projections, projection explanatory notes, risk disclosure and actual policy.
* If insurance cannot be issued on a guaranteed or simplified issue basis.