Private Placement Life Insurance & Variable Annuities Forum

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1 Private Placement Life Insurance & Variable Annuities Forum Hyatt Centric Magnificent Mile Chicago, Illinois June 13, 2018 This is for educational purposes only and not a solicitation. Not for the general public.

2 Carrier Selection: Domicile, Structure, & Rating Panelists: Ken Masters

3 Carrier Considerations Investment Offerings/Flexibility Capacity & Underwriting Policy Expenses & Fees Commitment to PPVUL/PPVA Ratings/Carrier Financials 3

4 It s All About the Investment Before discussing carrier selection, domicile, and design, client or advisor must decide on desired investment(s) Carrier selection and product design will follow based on identified investment strategies Potential decision tree may alter based on availability of desired investments or strategy Our starting assumption is that the considered investment is tax inefficient so a private placement vehicle makes economic sense 4

5 Key Investment Decision Gates Separately Managed Account ( SMA ) or Insurance Dedicated Fund ( IDF ) Illiquid Investment Capability SMA/IDF Approval Process 5

6 PPVUL or PPVA Considerations What is the End Goal? Planning Integration Capacity Who s Perspective Tax Deferral or Elimination Ownership Implications Estate/Charitable Planning Desired Investment Underwriting Constraints 6

7 PPVUL Economics Pre-Tax Acct. Value Death Benefit Year 10 $35,308,187 $43,075,988 Year 20 $72,594,340 $77,675,944 Year 30 $149,204,477 $156,664,701 For a taxable beneficiary, PPVUL provides tax-free death benefit. Key Assumptions: 1. Annual premium of $5M payable for 4 years, i.e. $20M cumulative. 2. Annual assumed 8.00% net return and assumes current non-guaranteed charges. 3. Investor is assumed to be a 55-year-old preferred non-smoker male. 4. PPLI policy uses the Alaska state premium tax, single carrier proxy, and standard Pinnacle pricing. 5. Please refer to carrier illustrations for additional disclosures. Illustrations provided upon request. 7

8 PPVA Economics Pre-Tax Acct. Value Death Benefit Year 10 $37,332,490 $27,955,613 Year 20 $78,183,098 $46,706,042 Year 30 $163,894,800 $86,047,713 For a taxable beneficiary, PPVA death benefit proceeds are subject to ordinary income tax. Key Assumptions: 1. Annual premium of $5M payable for 4 years, i.e. $20M cumulative. 2. Annual assumed 8.00% net return and assumes current non-guaranteed charges. 3. Investor is assumed to be a 55-year-old preferred non-smoker male. 4. Annuity death benefit proceeds assumes California state income tax rate. 8

9 Domestic vs. Offshore Considerations U.S. When considering using PPVUL, a U.S. citizen and resident would most likely use a U.S. domestic policy or dual-compliant policy In the past, U.S. persons had been recommended using offshore policies for the following reasons which no longer apply: Asset protection planning purposes Favorable economics Lack of clarity regarding domestic policy compliance Exception would be for payments in-kind maybe 9

10 Domestic vs. Offshore Considerations - NRA When considering using PPVUL, a non-u.s. non-resident alien ( NRA ) has three primary options: U.S. domestic policy assuming sufficient U.S. nexus to qualify for coverage Non-U.S. policy issued by a carrier making a 953(d) election and policy complies with U.S. tax law Non-U.S. policy issued by a carrier not making a 953(d) election, i.e. offshore policy Policy may be structured to comply with U.S. insurance tax law or not In general, a non-u.s. insured would use a domestic policy if there was a U.S. beneficiary, sufficient U.S. nexus, and intention to make U.S. investments 10

11 Domestic vs. 953(d) vs. International PPVUL Taxation U.S. Investments U.S. Taxes on Foreign Policy Owners U.S. Tax Treatment Death Benefit to U.S. Beneficiary Investor Control Doctrine UNI/DNI Implication s for U.S. Beneficiary U.S. Domestic Policy 953(d) Carrier Generally Exempt Generally Exempt 30% W/H on MEC Distributions or Policy Surrenders Income & Capital Gains Tax-Free Yes Yes No No Offshore Policy Generally Exempt; 30% FIRPTA W/H No U.S. W/H Tax on Distributions Not Taxable if Deemed Insurance in Issuing Jurisdiction No Yes Foreign Non-Grantor Trust 11

12 Underwriting Considerations Internal Retention Writing carrier retains risk Carrier has full discretion Autobind Writing carrier can bind reinsurer Must conform to reinsurance treaty Facultative Reinsurer must pre-approve Writing carrier has no discretion 12

13 Policy Fees & Expenses Fee Recipient Paid With Amount Premium Tax Insurance Company Assessments Against Each Premium 2.00% of Premium on Average by State with Delaware, Alaska, and South Dakota being below 10 bps Deferred Acquisition Cost (DAC) Tax Insurance Company Assessments Against Each Premium Usually 1.00% of Premium Mortality & Expense (M&E) Charge Insurance Company & Insurance Advisor Monthly Assessments Against Cash Value Typically Scaled by Asset Size and Duration (i.e., 0.25% of cash value per year for first 10 years; 0.20% for second 10 years; 0.15% thereafter) Cost of Insurance (COI) Charge Insurance Company Monthly Assessments Against Cash Value Variable Depending on Net Amount at Risk, Age, Sex, and Healthiness of Insured Compensation Insurance Advisor Initial Premium and/or Cash Value (Part of M&E) Front End 0.50% to 3.00% depending on broker Trail Compensation 0.10% to 0.50% of cash value per annum 13

14 Commitment to PPLI/PPVA Market Example of carriers that have exited the market American General Hartford Mass Mutual New York Life Sun Life What we have observed with clients who have legacy policies with inactive carriers: Increased policy expenses (American General) Limited IDF options & unwillingness to add new funds No infrastructure investment by carrier 14

15 Commitment to PPLI/PPVA Market (cont d.) Key questions to ask Is this the carrier s only line of business Amount of premium (relative importance) What is the carrier s ownership structure Current breadth of IDF offerings and approval process Ability to accommodate SMAs and potential future consideration Any recent infrastructure investments/upgrades Potential impact of ownership structure Stock vs. Mutual insurance company Private equity backing U.S. subsidiary of foreign holding company 15

16 Carrier Ratings (sample) Crown Lombard Prudential Zurich A.M. Best B++ (5) A- (4) A+ (2) A+ (2) S & P Not Rated Not Rated AA- (4) A (6) Moody s Not Rated Not Rated A1 (5) A3 (7) Fitch Not Rated Not Rated AA- (4) Not Rated 1. Ratings information from Vital Signs as of May 1,

17 A.M. Best Ratings Rating Best s Credit Rating (BCR) Best s Issuer Credit Rating (ICR) Definition A forward-looking, independent, and objective opinion regarding an insurer's, issuer's, or financial obligation's relative creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength, operating performance, and business profile or, where appropriate, the specific nature and details of a security. Independent opinion of an entity s ability to meet its ongoing financial obligations and can be issued on either a long- or short-term basis. An ICR is an opinion regarding the relative future credit risk of an entity. Credit risk is the risk that an entity may not meet its contractual financial obligations as they come due. An ICR does not address any other risk. An ICR is not a recommendation to buy, sell, or hold any securities, contracts or other financial obligations, nor does it address the suitability of any particular financial obligation for specific purpose or purchaser. 17

18 Carrier Considerations Investment Offerings/Flexibility Capacity & Underwriting Policy Expenses & Fees Commitment to PPVUL/PPVA Ratings/Carrier Financials 18

19 Carrier Considerations Investment Offerings/Flexibility Capacity & Underwriting Policy Expenses & Fees Commitment to PPVUL/PPVA Ratings/Carrier Financials 19

20 What Do Ratings Mean Insurance carrier ratings are generally used by purchasers of insurance carrier debt to determine creditworthiness of debt issues Ratings and ratings reports also used as a proxy for carrier s claims paying ability to policyholders Can also look to stock reports of publicly traded insurance company s as an additional gauge to financial strength Statutory vs. GAAP vs. IFRS accounting standards 20

21 Separate Account Protection PPLI/PPVA account assets are generally held in SMAs, IDFs, or available registered funds on the carrier s platform These investments are collectively deemed separate accounts and are not commingled in the insurance carrier s general account Not subject to the claims of the insurance carrier s general creditors Mutes concern of financial carrier insolvency but does not fully eliminate it 21

22 Separate Account Protection (cont d.) Net premium payments held in a separate account established by the carrier pursuant to state insurance statute The income, gains and losses, realized or unrealized, from assets allocated to a separate account are credited to or charged against such account, without regard to other income, gains or losses of the carrier The portion of the assets of any such separate account equal to the reserves and other contract liabilities with respect to such account are not chargeable with liabilities arising out of any other business the carrier may conduct 22

23 Relevance to PPLI/PPVA Purchaser Eye of the beholder question Optics for client and advisor All else being equal, preference for higher rated, larger carrier 23

24 PPLI Investment Accredited Investors An accredited investor is defined in Rule 501 of the Securities Act of 1933 ( Act ) as follows: Accredited investor shall mean any person who falls within any of the following categories, or who the issuer reasonably believes falls within any of the following categories, at the time of the sale of the securities to that person: Any bank as defined in section 3(a)(2) of the Act, or any savings and loan association or other institution as defined in section 3(a) (5)(A) of the Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934; any insurance company as defined in section 2(a)(13) of the Act; any investment company registered under the Investment Company Act of 1940 or a business development company as defined in section 2(a)(48) of that Act; any Small Business Investment Company licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of 1958; any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as defined in section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors; Any private business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940; Any organization described in section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business, trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000 Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer; Any natural person whose individual net worth, or joint net worth with that person's spouse, at the time of his purchase exceeds $1,000,000, excluding the value of the individual's primary residence; Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule

25 PPLI Investment Qualified Purchasers A qualified purchaser, which is one who requires a higher suitability standard than that of accredited investor, is defined in Section 2(a)(51) of the Investment Company Act of 1940 as: Any natural person (including any person who holds a joint, community property, or other similar shared ownership interest in an issuer that is excepted under section 3(c)(7) [15 USCS 80a-3(c)(7)] with that person's qualified purchaser spouse) who owns no less than $5,000,000 in investments, as defined by the SEC; Any company that owns no less than $5,000,000 in investments and that is owned directly or indirectly by or for two (2) or more natural persons who are related as siblings or spouse (including former spouses), or direct lineal descendants by birth or adoption, the spouses of such persons, the estates of such persons, or foundations, charitable organizations, or trusts established by or for the benefit of such persons; Any trust that is not covered by the preceding clause and that was not formed for the specific purpose of acquiring the securities offered, as to which the trustee or other person authorized to make decisions with respect to the trust, and each settlor or other person who has contributed assets to the trust, is a person described in clause (1), (2), or (4); or Any person, acting for his or her own account or the accounts of other qualified purchasers, who in the aggregate owns and invests no less than $25,000,000 in investments on a discretionary basis. 25

26 Disclosures Private Placement Life Insurance is an unregistered securities product and is not subject to the same regulatory requirements as registered variable products. As such, Private Placement Life Insurance should only be presented to accredited investors or qualified purchasers as described by the Securities Act of Any offer of sale must be proceeded or accompanied by the current offering memorandums for the separate account and completion of the investor qualification questionnaire. The policy values reflected herein assume current policy charges, current cost of insurance rates, current mortality and expense risk charges, average fund expenses (unless noted otherwise) and the stated hypothetical gross (net) rate of return. The policy values are hypothetical for illustration purposes only and may not be used to project or predict investment results. Policy values will vary based on the actual performance of the sub-account investments selected, actual insurance charges over the life of th plan and the timing of the premium payments. Loans and partial withdrawals (if applicable) will decrease the death benefit and cash value and may be subject to policy limitations and income tax. Product guarantees, including the death benefit, are subject to the claims-paying ability of the issuing insurance company. Private Placement Variable life insurance products are long-term investments and may not be suitable for all qualified investors. An investment in variable life insurance is subject to fluctuating values of the underlying underlying investment options and it entails risk, including the possible loss of principal. Investors should consider the investment objectives, risks, charges and expenses of any Private Placement Variable life insurance policy carefully before investing. This and other important information about the policy is contained in the offering memorandums, which will be provided by Pinnacle Financial Group or upon request. 26

27 Disclosures Note that the hypothetical illustrations contained herein are for informational purposes only to show how the performance of th underlying investment accounts could affect the policy cash value and death benefit. These illustrations are hypothetical and ma not be used to project or predict investment results. The internal rate of return on the death benefit is equivalent to an interest rate (after taxes) at which an amount equal to the illu premiums could have been invested outside of the policy to arrive at the death benefit of the policy. The internal rate of return o surrender value is equivalent to an interest rate (after taxes) at which an amount equal to the illustrated premiums could have b invested outside the policy to arrive at the surrender value of the policy. Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC. Investment Advisory Services offered through Pinnacle Pension Consultants, LLC. Pinnacle Financial Group is independently owned and operated. This material is intended for informational purposes only and should not be construed as legal or tax advice and is not intended t replace the advice of a qualified attorney, tax advisor or plan provider. Pursuant to IRS Circular 230, please be advised that the in contained in this document is not intended to and cannot be used by anyone to avoid IRS penalties. File #

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