This phase serves to finalize the financial models, execute required legal documentation, and to underwrite and place the insurance products.
The Implementation Phase begins with utilization of various financial modeling tools to produce projections, illustrations and comparative analyses for the program and other existing or competing programs (such as the 457f or traditional BOLI).
Once the final model, parameters and life insurance products have been selected, the underwriting process begins. This comprehensive benefit program requires full service underwriting leadership and advanced knowledge of such techniques, which PHC specializes in. Further leadership includes the collection of all information and documentation required to efficiently underwrite and bind the life insurance contract in addition to comprehensive management of the entire policy placement and initial premium payment process.
Advanced benefit programs for employers and executives requires advanced legal documentation. PHC will coordinate and assist in the data gathering necessary to complete the Secured Split Dollar Loan Agreements and to make sure they have been approved by both sides of the house in time for efficient closing of the transaction.
The Closing Meeting is the final process during the Implementation Phase. All parties participate in a conference call and webinar to review the final schematics of the transaction, any product specific information about the newly issued life insurance policies, as well as any outstanding legal or financial matters that need to be finalized. This meeting also serves as the juncture between the implementation phase and the services phase.
Additionally, all parties are provided with a physical or electronic version of the "Client Binder"—this binder contains finalized copies memorializing the Secured Split Dollar Loan transaction. Further, these binders will hold the necessary placeholders that will house all the servicing paperwork and reports that follow in the Servicing Phase.