Frequently Asked Questions
- What is Epiphany®?
- What sets Epiphany® apart from others using insurance?
- What type of life insurance products are used with Epiphany®?
- What insurance companies are utilized by RBS with Epiphany®?
- Does each affected employee need to be notified of the program?
- Is consent / written permission required and needed for each employee who will be enrolled in the program?
- What is the notification process upon a participant's death?
- Has any large pension fund utilized this approach?
- A patented, actuarially certified software program that assists pensions in the creation of a life insurance asset class within its allocation model.
- Epiphany® efficiently calculates optimum benefit coverage designed to assist and ensure the long-term viability of pensions and other post employee benefit plans. Allowing the input of over 100 variables, Epiphany® analyzes how much life insurance would be necessary on each participant to achieve a desired return over a specified period of time.
- Every pension shortfall will have a unique blend of insurance products ranging from term to whole life or universal life, with or without a cash value. The policies reviewed would be guaranteed issue and purchased from one or more of a select number of insurers.
- RBS will work with the client through a multi-step process that will analyze the client's specific pension shortfall situation and implement the most cost effective solution.
- RBS has a set of stringent qualifying criteria which must be met in order to write policies under our program. These criteria are designed to measure the financial strength, capital reserves, credit rating and other measures.
- Notification requirements may be governed by state laws, federal laws and insurance company's rules, depending on the case structure. The RBS sales representative can help you determine the requirements in your state.
Is consent / written permission required and needed for each employee who will be enrolled in the program?
- This can be governed by state laws, federal laws and insurance company's rules depending on the case structure. The RBS sales representative can help you determine what is needed by your organization.
- We utilize public and private partnerships that will effectively track employees to efficiently execute the contract and quickly bring benefit to the client.
- Large companies have used similar death benefit approaches for some time. Utilizing this same concept for public institutions, government entities, and membership associations is a new and cutting edge concept to solve these pension shortfalls over the long term. It has been developed and applied in this new perspective because of recent regulations requiring disclosure of the underfunded retirement liabilities.