ServicesWho is safeguarding the interests of life insurance policy owners and beneficiaries? The genesis of Trust Asset Consultants, LLC (TAC) developed out of necessity in 1992… the necessity to provide life insurance trust fiduciaries and their advisors with the scope of fee-based dispute defensible ‘Trust-Owned’ Life Insurance (TOLI) risk management counseling services necessary to satisfy the demands outlined in contemporary trust asset management, legal and regulatory guidelines. Over time, the life insurance counseling, fiduciary standard of care and advisor collaboration appropriate for TOLI has become the model for all ownership forms of life insurance. ‘Counseling’ recognizes that life insurance is a ‘buy-fund-manage’ financial asset usually purchased for a 10 to 50-year time horizon based upon planning purpose objectives and the insured’s changing health and life expectancy. To maximize the probability of a favorable planning outcome, a reasoned counseling, planning, and risk management process must be established and monitored annually (plan your work and work your plan).Life insurance counseling starts with confirmation of the planning objectives and adoption of a Life Insurance Policy Statement that affirms these objectives, the ‘best practice’ standards for a carrier and product suitability risk management process, and the communication and collaboration expected of the policy owner’s advisors. The counseling process should be dispute defensible in demonstrating ‘procedural prudence’ s setout in the Policy statement.The ‘manage’ function for life insurance, no different from fixed income and equity investments, is the critical outcome consideration. The manage function is solely the policy owner’s responsibility to (1) understand the risks that require attentive management, and (2) engage a fee-based third-party provider of management services.TAC offers its clients fee-based single-source best practices life insurance counseling, problem-solving consulting and performance risk management services.