Clearwater Wealth Partners INSURANCE REVIEW SUMMARY
Wealth Management | Financial Planning | Investment Advisory Review Year: 2024 | October 22, 2024
Insurance Review Summary
Chen Household | Review Year 2024
Household Alex & Sam Chen (HH-CHEN-001)
Advisor Morgan Park, CFP® | ADV-PARK-001
Review Date October 22, 2024
Document ID DOC-InsuranceReview-2024-001
Meeting Ref MtgID-2024Q3-01
Trigger Family health event (EventID-2024-01); estate/beneficiary audit;
pre-retirement planning horizon
Alex / Sam Age 41 / 40
Children Maya (age 13), Eli (age 10)
Home Status Homeowner — 3215 Lakeview Circle, Wayzata, MN 55391 (est. market
value $890,000; mortgage balance ~$535,000)
Event Refs EventID-2024-01 (Family health event — triggers estate/beneficiary audit);
DOC-BeneficiaryForm-2024-001 (beneficiary corrections);
GoalID-2016-01 (retirement readiness)
Coverage at a Glance
Coverage Type Key Details Primary Carrier
Life Insurance Alex $2,000,000 | Sam $1,500,000 Protective Life Ins. Co.
Disability Insurance Alex individual own-occ | Sam group LTD The Standard Group / Employer
Homeowners / Renters Active — see Section II for dwelling amounts Northfield Mutual
Auto Insurance Two vehicles, 250/500/100 liability + comp/collision Northfield Mutual
Umbrella Liability Excess liability — see Section II for limit Northfield Mutual
This document is organized in three sections: (I) Advisor Narrative — planning context and observations; (II)
Coverage Inventory — policy-level data tables; (III) Gap Analysis — open action items and recommendations.
Clearwater Wealth Partners | 801 Nicollet Mall, Suite 1200, Minneapolis, MN 55402
Page 1
Document ID: DOC-InsuranceReview-2024-001 | Confidential — For Client Use Only | Synthetic demo data — not investment/insurance advice

Clearwater Wealth Partners INSURANCE REVIEW SUMMARY
Wealth Management | Financial Planning | Investment Advisory Review Year: 2024 | October 22, 2024
SECTION I — Advisor Narrative
Purpose of This Review
The 2024 insurance review was elevated to a priority session following a family health event in the Chen
household (EventID-2024-01). This event prompted an immediate estate and beneficiary audit, the results of
which are documented in DOC-BeneficiaryForm-2024-001. The review also incorporates a broader
pre-retirement insurance adequacy assessment, as Alex and Sam are approximately 19 years from their
target retirement age of 60 and the household's asset base has grown materially following the 2023 liquidity
event (EventID-2023-01).
Beneficiary Audit — Critical Finding Corrected
The 2024 estate audit revealed that DOC-BeneficiaryForm-2018-001, filed at the time of Alex's promotion,
listed Alex's parent as contingent beneficiary on the Alex Chen IRA (ACCT-IRA1) — an outdated
designation that conflicts with the household's 2019 trust structure and current estate intent.
DOC-BeneficiaryForm-2024-001 corrects all beneficiary designations across ACCT-IRA1 and ACCT-RIRA to
align with the Chen Family Revocable Trust as contingent beneficiary. Life insurance policies (PLI-J and PLI-C)
were confirmed as correctly designated and required no update. The prior 2018 form is retained in the client file
as a historical record.
Long-Term Care Insurance — New Discussion
The family health event (EventID-2024-01) has elevated awareness of long-term care risk within the household.
At ages 41/40, Alex and Sam are approaching the optimal window for LTC insurance evaluation (industry
guidance: 45–55). Morgan Park has initiated a preliminary LTC analysis. Hybrid life/LTC policies are flagged
as a strong candidate given the household's balance sheet: the policies provide a death benefit if LTC is never
needed, eliminating the 'use it or lose it' concern of traditional standalone LTC policies. No policy has been
purchased at this time; carrier quotes from Pacific Life and Mutual of Omaha have been requested.
Life Insurance — Adequacy in Pre-Retirement Context
Alex's $2,000,000 term policy and Sam's $1,500,000 term policy remain in force and in good standing. At
current household assets of approximately $1,200,000 in investment accounts plus $355,000 in home equity,
the need for insurance shifts gradually from pure income replacement toward supplemental asset protection.
The 30-year term policies extend through 2046 (Alex age 63 / Sam age 62), providing coverage well into
retirement — though by that point, self-insurance via accumulated assets may reduce the need for full face
value. No change is recommended at this time; policy review scheduled for 2027.
Disability Insurance — Peak Earning Years
Alex's disability policy (DI-J-2016-8821) benefit was increased to $9,000/month in 2022 and remains active.
With Alex's estimated 2024 W-2 income of approximately $182,000, the $9,000/month benefit represents
approximately 59% of gross monthly income — within policy maximums and aligned with guidelines. Sam's
group LTD remains employer-paid at 60% of salary (~$4,600/month). Both benefits are reviewed as adequate
through the household's peak earning phase, which is expected to extend through the early 2030s.
Clearwater Wealth Partners | 801 Nicollet Mall, Suite 1200, Minneapolis, MN 55402
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Document ID: DOC-InsuranceReview-2024-001 | Confidential — For Client Use Only | Synthetic demo data — not investment/insurance advice

Clearwater Wealth Partners INSURANCE REVIEW SUMMARY
Wealth Management | Financial Planning | Investment Advisory Review Year: 2024 | October 22, 2024
Property & Casualty — Estate Growth Drives Umbrella Review
With household net worth estimated at approximately $1,550,000 (investments + home equity), the $2,000,000
umbrella is approaching the lower bound of recommended coverage for households in this net worth range
(guideline: umbrella ‡ net worth). Morgan Park recommends increasing the umbrella to $3,000,000 at next
renewal (Q1 2025) at an estimated additional cost of $200–$250/year. Auto and homeowners policies are
renewed without material change; dwelling replacement cost updated to $725,000 to reflect current construction
cost inflation.
SECTION II — Coverage Inventory
Life Insurance Policies
Face Ann.
Insured Carrier Policy No. Type Beneficiary Status
Amount Premium
Sam Chen (primary);
Protective Life PLInJn2016n 30-Year Level $2,000,00 Chen Family Rev. Trust
Alex Chen $2,400 In Force
Ins. Co. 4782 Term 0 (contingent)
[CONFIRMED]
Alex Chen (primary);
Protective Life PLInCn2016 30-Year Level $1,500,00 Chen Family Rev. Trust
Sam Chen $1,800 In Force
Ins. Co. n4783 Term 0 (contingent)
[CONFIRMED]
Disability Insurance Policies
Elim. Benefit Ann.
Insured Carrier Policy No. Type Benefit Status
Period Period Premium
$9,000/mo
Alex The Standard DInJn2016n Individual
[updated 90 days To age 65 $4,320 In Force
Chen Group 8821 Own-Occ.
2022]
Sam Employer Group GRPnCnEM Group LTD Employer-
$4,600/mo 90 days To age 65 Active
Chen LTD PLOYER (60%) paid
Property, Casualty & Liability Policies
Deducti Ann. Pre
Policy Type Carrier Policy No. Coverage Summary Status
ble mium
Homeowners Northfield HOn2021n6 Dwelling $725K [updated] / Renewed [Dwelling
$2,500 $2,550
(HO-3) Mutual 102 Contents $175K / Liability $500K updated]
Auto (2 Northfield AUn2016n44 250/500/100 liability;
$500 ea $3,300 Renewed
vehicles) Mutual 92 comp/collision
Clearwater Wealth Partners | 801 Nicollet Mall, Suite 1200, Minneapolis, MN 55402
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Document ID: DOC-InsuranceReview-2024-001 | Confidential — For Client Use Only | Synthetic demo data — not investment/insurance advice

Clearwater Wealth Partners INSURANCE REVIEW SUMMARY
Wealth Management | Financial Planning | Investment Advisory Review Year: 2024 | October 22, 2024
Deducti Ann. Pre
Policy Type Carrier Policy No. Coverage Summary Status
ble mium
Personal Northfield UMn2021n6 Renewed — increase
$2,000,000 excess liability — $750
Umbrella Mutual 103 to $3M recommended
Estimated Total Annual Out-of-Pocket
$15,120
Premium
NEEDS ATTENTION — beneficiary mismatch corrected;
Overall Coverage Adequacy Assessment
LTC gap and umbrella limit are open priority items.
SECTION III — Gap Analysis & Action Items
Target
Priority Coverage Area Gap / Observation Recommended Action
Timeline
DOC-BeneficiaryForm-2018-001 Complete —
Beneficiary
Closed listed outdated contingent; DOC-BeneficiaryForm-2024-001 filed; Done
Mismatch
corrected all accounts aligned
No LTC or hybrid life/LTC policy
Long-Term Care Obtain carrier quotes; target hybrid
High in place; family health event Q2 2025
Coverage life/LTC decision by Q2 2025
heightened urgency
$2M umbrella approaches lower
Umbrella vs. Net Increase umbrella to $3M at Q1 2025
Medium bound vs. ~$1.55M net worth; Q1 2025
Worth Gap renewal (~$200–$250 add'l/yr)
guideline ‡ NW
Policies approaching point where
Life Policy Discuss ILIT with estate attorney
Low ILIT evaluation is merited (NW 2025
Ownership Review Logan Hart, JD at 2025 estate review
growth)
Prepared By Morgan Park, CFP® | Review Date October 22, 2024
Clearwater Wealth Partners
Reviewed With Alex & Sam Chen Meeting Reference MtgID-2024Q3-01
Event / Trigger EventID-2024-01 (Family health IPS Version IPS-2020 (60/35/5) — IPS-2025
Reference event — triggers transition anticipated
estate/beneficiary audit);
DOC-BeneficiaryForm-2024-001
(beneficiary corrections);
GoalID-2016-01 (retirement
readiness)
IMPORTANT DISCLOSURES: This Insurance Review Summary is prepared by Clearwater Wealth Partners solely for the use of the Chen household
and is intended as a planning reference document. It does not constitute an insurance contract, policy illustration, or binding recommendation.
Coverage descriptions are summaries only; full policy terms govern. All data is synthetic and for demonstration purposes only. Clearwater Wealth
Clearwater Wealth Partners | 801 Nicollet Mall, Suite 1200, Minneapolis, MN 55402
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Document ID: DOC-InsuranceReview-2024-001 | Confidential — For Client Use Only | Synthetic demo data — not investment/insurance advice

Clearwater Wealth Partners INSURANCE REVIEW SUMMARY
Wealth Management | Financial Planning | Investment Advisory Review Year: 2024 | October 22, 2024
Partners is a registered investment adviser and does not sell insurance products; insurance placements are facilitated in coordination with licensed
insurance specialists. Clients should consult their licensed insurance professional and review all policy documents in full before making coverage
decisions. Past premium or coverage data presented does not guarantee future availability or pricing.
Clearwater Wealth Partners | 801 Nicollet Mall, Suite 1200, Minneapolis, MN 55402
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Document ID: DOC-InsuranceReview-2024-001 | Confidential — For Client Use Only | Synthetic demo data — not investment/insurance advice
