The service phase commences at the closing meeting after all transactional details have been finalized. This phase is governed by an annual renewable contract that includes the below service offerings.
Analysis updates may be required if any of the initial transactional assumptions regarding the Credit Union and the Executive change. Under this scenario, updated models and illustrations may be needed and changes to life insurance policies or legal documentation may be required. Management of this process will ensure accurate and timely action on restructuring these critical parts of the plan.
The Annual or Semi-Annual meeting will serve to review the below legal and financial pieces of the plan and to provide updates on policy performance (planned/designed vs. actual), loan balances and repayment schedules. Minutes are also transcribed to memorialize the information and questions discussed during the meeting and to serve as a reference piece for later review.