Policy Management

Policy Management

A Scottish poet once noted how the best laid plans often go awry – an observation that life insurance policyholders would do well to keep in mind. The fact of the matter is that life insurance is rarely a “set it and forget it” proposition; the factors and assumptions that underlie an insurance policy are subject to change over time, which can lead to unexpected (and often undesirable) outcomes.

The Bishop Company offers comprehensive, ongoing policy management to ensure that its clients’ expectations and financial needs are being served by the in-force policy. We bring a 360-degree awareness to the task, monitoring both micro and macro factors that can impact your policy’s performance, such as:

  • Crediting rates and dividends
  • Subaccount allocation and performance
  • Utilization/termination of riders and conversion options
  • Increases in costs/expenses
  • Changes in insurance company ratings
  • Implications of estate tax changes
  • Low interest rate environment
  • Alternative options

Staying on course

Our policy management process is straightforward: we help you define your needs and goals and make sure your policy stays on track to deliver as expected. The basic elements of that process are as follows:

Setup and design

We’ll perform a complete life insurance needs assessment to determine your objectives, then recommend an appropriate product and define performance guidelines.

Monitoring and analysis

We will monitor you policy on a monthly basis and measure its performance against the established guidelines. Prior to your policy’s anniversary, we will obtain in-force illustrations from your carrier and compare current policy metrics to original metrics.

Reporting and recommendations

We’ll meet with you to review and discuss how your policy is performing relative to the defined guidelines and will provide recommendations for corrective actions where needed.