Life insurance acquisitions are long-term commitments. Our clients commit to paying the premiums for their policies; insurance carriers commit to delivering the promised benefits; and, Gateway Financial commits to providing on-going policy service.
We take our commitment seriously. In fact, our service is our hallmark. While most insurance agencies spend the majority of their time developing new clients, 80% of our people-time is spent servicing existing clients. While “service” to most insurance agencies means address, owner and beneficiary changes, “service” to Gateway Financial means…
- Preparing Performance Benchmark Reports. These reports summarize how, when, what and why the insurance was acquired, compare original projections against actual results and identify any necessary funding or benefit adjustments.
- Serving as an insurance carrier watch-dog to make sure policy changes are reasonably consistent with the carrier’s experience and current marketplace conditions.
- Recommending the removal of medical ratings and smoker ratings on inforce policies that are commensurate with client health improvements.
- Advising clients of newly available policy enhancements that may be added to their policies at little or no cost.
- Tracking term insurance guarantee periods and conversion rights.
- Recommending term insurance replacements when more efficient term products become available in the marketplace.
- Reporting premium histories and premium projections to our clients’ advisors for gift-tax filing purposes.
- Pro-actively reporting imputed income to our business clients for their Executive Life and Disability Programs.
- Providing comprehensive administration of Split-Dollar-funded policies which includes the preparation of cash value, imputed income and cash flow reports, enrolling new participants, processing terminated participants and recommending plan changes in light of new tax legislation.