Objective, File-Ready Analysis for Trustees & Advisors
Life insurance policies held in trust can drift over time. Independent reviews help trustees and advisors identify potential concerns and document prudent oversight.
Objective analysis that helps identify potential concerns and supports informed fiduciary oversight.
When This Is Most Valuable
ILIT policy older than 5 years
Trustee seeks oversight documentation
No recent independent review
Policy assumptions not revisited
"Probably fine" but uncertain
Desire for independent confirmation
Fiduciary Focus
Reviews built for trustees and their advisors.
File-Ready Analysis
Clear, documented findings you can rely on.
Independent Review
Objective reviews that help protect what matters most.
Objective analysis that helps identify potential concerns and supports informed fiduciary oversight.
When This Is Most Valuable
✓ILIT policy older than 5 years
✓Trustee seeks oversight documentation
✓No recent independent review
✓Policy assumptions not revisited
✓"Probably fine" but uncertain
✓Desire for independent confirmation
About Joe Stefanec
Five Decades of Independent Analysis
With a career spanning more than 50 years, Joe Stefanec has built a reputation for rigorous, objective forensic analysis of life insurance policies. His work serves trustees, attorneys, and financial advisors who require documented, file-ready findings free from carrier influence or product bias.
50+
Years of Experience
1973
Founded
Background & Approach
American West Advisory was founded on the principle that life insurance policyholders — and the fiduciaries responsible for them — deserve analysis that is independent, accurate, and actionable. Joe Stefanec's methodology draws on decades of direct experience with policy mechanics, carrier practices, and the complex interplay of crediting rates, mortality charges, and loan behavior.
Every engagement is document-based and retrospective. Reviews are grounded solely in policy contracts, annual statements, carrier ledgers, and illustrations — never on assumptions or undocumented claims.
Who We Serve
American West Advisory works with a select group of clients who require objective, file-ready analysis for fiduciary or legal purposes. Our reviews are most often retained by:
• Trust officers and professional trustees • Estate planning attorneys • CPA firms with high-net-worth clients • Financial advisors serving fiduciary clients • Family offices
All work is performed under strict confidentiality and delivered in a format suitable for legal, fiduciary, and regulatory review.
What We Do
Forensic Life Insurance Policy Review
A systematic, document-based analysis of existing life insurance policies to evaluate historical performance, identify drivers of divergence from original illustrations, and assess current sustainability risk.
01
Performance Analysis
Reconstruction of premium and cash value history against original illustrated expectations. We identify and quantify the primary contributors to underperformance, including crediting shortfalls and charge escalation.
02
Illustration Variance
Detailed comparison of actual versus illustrated results across crediting rates, cost-of-insurance charges, and funding behavior. We document the compounding effect of even modest persistent shortfalls.
03
Loan & Distribution Impact
Analysis of policy loan activity and its effect on sustainability. Where loan interest has exceeded net credited interest, we identify and document the resulting negative arbitrage and accelerated lapse risk.
04
Sustainability & Risk Assessment
Forward-looking evaluation using carrier-generated in-force illustrations to project lapse timing under current assumptions. Sensitivity analysis for changes in funding, loan behavior, and crediting rates.
05
Causation Findings
Identification and documentation of primary and secondary drivers of policy underperformance — distinguishing structural factors from behavioral factors such as funding gaps and loan activity.
06
File-Ready Reporting
All findings delivered in a formal written report suitable for fiduciary files, legal proceedings, and regulatory review. Reports include appendices with supporting data, ledger excerpts, and comparison tables.
Fiduciary Responsibility
Information for Trustees & Their Advisors
Trustees holding life insurance policies face significant fiduciary obligations — including the duty to monitor, evaluate, and act when policies underperform. American West Advisory provides the independent analysis trustees need to fulfill those obligations with confidence.
Common Situations That Prompt a Forensic Review
A policy is projecting lapse significantly earlier than originally illustrated, raising concerns about adequacy of coverage.
Cash value is materially below original illustrated projections and the trustee needs to understand why and document the causes.
Policy loans have accumulated to levels that threaten coverage, and the trustee needs to assess the impact of prior decisions.
A beneficiary or co-trustee is questioning past policy management decisions and the trustee needs documented, objective findings.
Legal or regulatory review is anticipated and the trustee needs file-ready analysis to support fiduciary decision-making.
The trustee is evaluating whether to continue, modify, or exit a policy and needs objective analysis of current options.
Our Methodology
Document-based and retrospective — no assumptions, no undocumented claims. All findings traceable to provided documents.
Completely independent of insurance carriers and product manufacturers. No conflicts of interest, no replacement recommendations.
Delivered in a format suitable for fiduciary files, attorney review, and regulatory scrutiny.
Includes limitations and disclaimers consistent with professional standards. Findings of fact only — no legal or tax opinions.
This review is informational only and does not constitute legal, tax, or insurance advice. Any action should be evaluated in consultation with legal, tax, and fiduciary advisors.
Resources
Understanding Forensic Policy Reviews
A summary of what forensic life insurance policy reviews involve, what they examine, and what they deliver — drawn from our standard review methodology.
Sample Review Overview
The following illustrates the structure and scope of a typical forensic review. This is a redacted summary example; actual reviews are customized to each specific policy and situation.
Scope & Documents Reviewed
Each review is limited to a document-based, retrospective financial and contractual analysis. It does not include underwriting review, suitability analysis, legal conclusions, or product replacement recommendations.
Policy contract and specifications
Annual statements (all available policy years)
Carrier policy ledger
Original illustration at issue
Current in-force illustration
Standard Methodology
Reconstruction of premium and cash value history
Comparison of illustrated assumptions versus actual results
Analysis of policy charges, crediting, and loan effects
Forward-looking risk assessment using carrier projections
Identification of primary and secondary causation factors
Documentation suitable for fiduciary and legal files
Common Findings
In our experience, the most common drivers of policy underperformance include:
Early cessation or reduction of planned premium funding
Policy loan activity producing negative net returns
Normal age-based increases in mortality charges
Report Deliverables
Every report includes an executive summary, scope and methodology section, performance analysis, illustration variance analysis, sustainability assessment, causation findings, and options overview. Appendices include policy data, ledger excerpts, comparison tables, and a definitions glossary.
All reports are informational only and do not constitute legal, tax, or insurance advice. Findings are based solely on documents provided and carrier assumptions. Actual future performance may differ materially. Any action should be evaluated in consultation with legal, tax, and fiduciary advisors.
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