Every year:
Review in-force illustrations (re-projections) under various interest rate assumptions.
Review all carrier ratings and financials.
Every three to five years:
Conduct a full portfolio audit.
Collect in-force illustrations and compare them to the products and pricing currently being offered.  
Compare new products to those held in trust, evaluating performance and guarantees.
Scrutinize the design, including the tax and legal structure, and the premium payment method, of the TOLI portfolio.
Estimate the value of contracts in the secondary market and factor those results into decisions.

David W. Freeley is president and Melvin A. Warshaw is general counsel of Financial Architects Partners, LLC, a Boston- and Palo Alto, Calif.-based life insurance boutique managing $6 billion of TOLI assets for about 200 families. They can be reached at [email protected] and [email protected].    

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