Frequently Asked Questions
What is different about PolicyCheck™?
PolicyCheck™ was built with both you and your clients in mind. No matter your role, you can rest assured knowing that your PolicyCheck™ reports, with our simple interface, will be easy to create, modify and discuss. Whether you are a trustee, CPA, agent, advisor or a discerning policy owner, you deserve a professional review solution. That’s PolicyCheck™ - simple, reliable and effective.
How does PolicyCheck™ compare different policy types?
PolicyCheck™ can compare the IRR of various policy types such as a Guaranteed Universal Life policy vs. Whole Life or Variable policy. This enables you to instantly cut through the fog and truly provide the best decision framework possible for your clients. All you have to do is enter some basic numbers from your proposed options and let PolicyCheck do the work.
Who can use PolicyCheck™?
PolicyCheck™ is designed to help professional trustees in the evaluation of trust owned life insurance. Starting with an annual statement can inititate a high quality written report that identifies policy issues.
How secure is PolicyCheck™ for my client data?
PolicyCheck™ utilizes modern encryption technology to ensure that all your data is kept privately and securely on servers that reside in-country. All servers are located at Amazon Web Services Data Center. In addition to holding PCI DSS, ISAE 3402 Type II, SSAE 16 Type II and CSAE 3416 Type II certifications, Amazon Web Services has built and operates an Uptime Institute-certified Tier III Data Center.
How long does PolicyCheck™ take to finish its report?
PolicyCheck™ orders specific information from the current insurance campany called in-force illustrations. This process can take from one to four weeks depending on the current company. After we obtain the information, we can complete the final reports within 72 hours.
What if an insured has had a significant change in health since obtaining the original policy?
PolicyCheck™ starts by evaluatining the current structure and showing how to modify the policy based on client objectives. The report will show the survival probabilites of the insured surviving the policy lapse. Once the current policy is optimized, we then compare to equivelant policy options using internal rate of return.