- Current Assumption (flexible premium) Universal Life
- Guaranteed Universal Life
- Indexed Universal Life
- Term Insurance
- Second-to-Die (Survivorship) Universal Life
- Variable Universal Life
- Whole Life Insurance
- Key person
- Estate planning
- Wealth Transfer
- Estate Equalization
- Charitable Giving
- Non-Qualified Deferred Compensation funding
- Executive Bonus Plans
Objective and Unbiased
Insurance reviews and analysis of existing insurance programs are provided in an unbiased approach so that clients can be reassured that their objectives and goals are being met by their existing products. Conversely, when the needs and/or objectives have changed since the original products were put in place, we also will offer recommendations about what can be done to change, update, or improve upon them. While we have access to a wide array of highly rated carriers, any recommendations and options that we may present are done on an objective basis and focused on what is in the best interests of our clients.
Concierge and Integrated Approach
A unique difference between First Foundation’s approach versus other similar financial institutions is that our clients have a team of experts and financial professionals who come together to coordinate multiple planning concerns. This may include a Wealth Manager from First Foundation Advisors; Trust management services from our Trust department; a Private Banker from First Foundation Bank and the Insurance professionals from First Foundation Insurance Services. This holistic approach is presented in a more concierge way to provide a personal approach to the clients, and to assure them that their financial goals have been thoroughly vetted, reviewed and coordinated from multiple viewpoints.
Insurance and product reviews will include gathering information from the clients when available. This may include the original insurance contracts or copies thereof; current anniversary statements; original and inforce illustrations; and discussions about how goals and objectives may have changed over time. It also includes authorization from our clients, when appropriate, to contact their existing insurance companies for information that may be helpful in determining how their current program is working or not working. Insurance contracts can be complicated and where we can simplify answers on behalf of our clients, we are happy to do so.
Additionally, when or if it makes sense to implement an insurance product for risk transfer and financial security, the underwriting process will be handled confidentially and with special attention to observing the client’s needs for privacy. This may include seeking informal underwriting consideration with different potential carriers. This approach can facilitate moving forward with a regular underwriting review and application, but can also help narrow the playing field to only those insurance partners who are going to offer bona fide offers with the best value for the client, rather than using a shotgun approach for recommendations that are based on one-dimensional criterion. We take into consideration all aspects of the insurance solution that may be appropriate including costs, potential risk assessment and other factors such as health histories, to better manage the client experience and exceed their expectations.
Keeping current and updated with financial, investment, and retirement planning goals is challenging for most people and often including life insurance in those ongoing reviews and updates may be overlooked. First Foundation Insurance Services provides an opportunity for clients to get an objective analysis and review of what may be in place, what may be outdated and unnecessary, as well as what might be needed to make sure our clients reach their goals.
Life insurance should be viewed as another asset class and is an efficient and cost-effective way to provide tax-free financial security to enhance estate planning and wealth transfers to future generations, assure business continuity between business partners, funding executive compensation plans, provide survivor income, and multiply charitable gifts.
There is never an expectation that the client will have a need or that they are obligated to acquire insurance products through First Foundation Insurance Services, but when appropriate, we have access to a wide array of highly rated carriers and will research them and make recommendations based on what is the best match for the client.