Clemson Coach Dabo Swinney
What do Clemson football coach Dabo Swinney and University of Michigan rival Jim Harbaugh have in common? Tax-advantaged life insurance plans that have made them the richest coaches in the D-1 big leagues. They are part of the top paid millionaires club.. an elite fraternity. Among Swinney’s— the reigning national champion coach’s comp package of bonuses and incentives, is a split-dollar life insurance deal similar to Harbaugh’s. Their college employers essentially share the rights and the benefits of these valuable deals with their golden boys.Nowadays these demanding, fast thinking coaches will only settle on insurance products that perform like their star quarterbacks, not the sleepy, poor performing products of the past. And that’s where the Indexed Universal Life insurance (IUL) policy fits right into their playbook. These Index policies allow you to allocate among indexed accounts, which credit an interest rate based in part on the performance of major stock market indexes. What that all means is potential substantial tax-deferred cash value accumulation, choices of investment portfolio, and downside risk protection. So your next move is to add the Indexed Universal Life to your business playbook and call PensionQuote to help you identify prospects and refine your marketing plan. You can’t afford to sit on the bench while your colleagues are running with the IUL ball.
Collection of Census Data (i.e. birth date, date of hire, annual compensation) Establishment of a Client report & an Overall Plan Budget. Identify prospect(s). Initial out-reach to prospect(s). Meet with the client to review the client report and discuss plan design. Collection of all necessary paperwork, including Administrative Services Engagement Agreement. In addition to the signed Implementation Documents, the actuaries will need copies of any current 401(k)/profit sharing plan documents. Preparation of all Insurance Illustrations. Contemporaneously with the underwriting process, the actuaries will draft the Plan Document(s). Upon completion, they will be overnighted and/or sent electronically to the client (copies to FA) for signature. Schedule para-medical examination appointments(Blood, urine, and health questions). Collection of all necessary medical files. Establish all necessary investment accounts at the agreed upon bank branch. Upon notification of life insurance coverage approval, make arrangements to have the policy(s) premiums wired from the Retirement Account to the insurance company. Soon after the close of the client’s tax year, the client will receive a package from the actuaries requesting end of year census data including final compensation for all employees. The FA will provide a Retirement Account history indicating dates and amounts of deposits in and transfers out of the Account as well as and end of year account valuation. Based on the end of year census data and the plan account valuation, the actuaries will determine the final plan contribution and communicate such contribution to the FA and client. Set-up Annual Reviews with the client(s) & PensionQuote Inc. to review contribution budget. All contributions to the plan must be made into the Retirement Account prior to the filing of the corporate income tax return but no later than 9/15. The client will receive insurance premium notices from the insurance company, and must fund those policies from the Retirement Account, or risk policy lapse. FAs should calendar the policy issue dates in order to be prepared each year to fund the policies from the Retirement Account. Check-in with your client and the CPA on a semi-annual basis. Do a good job then ask for referrals.
Pre-Sale
Pre-Sale
Pre-Sale
Implementation
Implementation
Implementation
Implementation
Implementation
Implementation
Funding
Funding
Funding
End of Year Procedure
End of Year Procedure
End of Year Procedure
End of Year Procedure