Once the above items are completed and approved, we proceed with two separate processes: Insurance Underwriting and Financial Underwriting. Both occur simultaneously to avoid delays in the application process.
We suggest that your Personal and Financial Advisors be involved early-on to ensure you are appropriately informed and counseled about the PFLI program.
Life Insurance Underwriting: A telephone interview will be conducted by the Insurance Company that has been solicited to make an offer. This interview is a standard underwriting procedure necessary to develop an accurate picture of your actuarial risk.
Financial Underwriting: A Lending Institution will be selected to offer financing for your Insurance Policy and an Irrevocable Life Insurance Trust will be formed in which both you and the lender (usually a bank) will be named beneficiaries of the policy.