Life Insurance Planning
The Baker Companies assists individuals and executives in the plan design, analysis,
implementation and ongoing servicing of life insurance planning solutions by following a
thorough, consistent process.
The Baker Companies works with the client and their advisors to identify their goals and
objectives for their planning solutions to include:
- Retirement Income
- Estate Planning Needs
- Wealth Transfer
- Risk Tolerance
- Inheritance Planning
- Philanthropic Objectives
The Baker Companies prepares a report summarizing the current plans and coverage, and
provides recommendations for enhancements and changes.
The Baker Companies approaches multiple insurers to obtain offers and proposals based on
the objectives determined by the clients and their advisors. Only insurers that meet the
clients stated financial ratings based on a credit risk analysis would be offered the
opportunity to bid.
The products / carriers submitted are analyzed based on financial ratings, projected
short and long term performance, fund options, as well as the carrier's commitment to
the market. The responses provided are compared to identify the various product components
to determine the most appropriate structure for the clients needs:
- Product Type
- Policy Costs and Charges
- Cash Values in key years
- Death Benefit configurations
- Assumptions and Guarantees
- Investment Options
- Fixed Rate Accounts
- Product History
Once the design and funding has been selected, The Baker Companies manages the entire
implementation process to include:
- Application Process
- Medical Underwriting
- Financial Underwriting
- Carrier Negotiations and Offers
Once the coverage has been finalized, The Baker Companies prepares a Summary Book
detailing the full process including key decisions points.
On an annual basis The Baker Companies reviews with the client the following:
- Reaffirm Goals and Objectives
- Policy Re-projections (including premium, cash value and death benefits)
- Current Carrier Ratings
The annual review process updates the Summary Book.
