Bank Owned Life Insurance Services

BOLI Education

Bank owned life insurance can be a valuable tool to assist the bank in recovering costs associated with executive benefit plans. While there are a number of facets to consider, banks should have a thorough understanding of the transaction before they make a BOLI purchase. Senior management and the board have ultimate responsibility for ensuring that the purchase and the holding of BOLI are consistent with safe and sound banking practices. So it is critical that management be properly educated on products, the compliance process, and ongoing administration needs.

The professionals at Bank Consulting Group consider education an important step in its process of helping Banks make the right kind of BOLI purchase. BCG believes that by assisting bank management understand BOLI more fully, the bank is better able to evaluate the appropriateness of the BOLI purchase, make more informed BOLI decisions and ensure adherence to safe and sound banking practices. Contact a BCG consultant.