The Process
Clear steps.
No surprises.
From first conversation to ongoing service, the LifeNotes™ process is structured, transparent, and designed for institutional decision-making. Five stages. Every step documented.
100+ credit unions across 28 states have completed this process. Here is how it works.
Step 1: Understanding & Education
We start by understanding your situation.
Every credit union is different. We begin with a thorough review of your current CUOLI portfolio, split dollar programs, executive compensation structure, and institutional goals. No assumptions. No one-size-fits-all.
- ✓Review of existing CUOLI policies and cash value performance
- ✓Inventory of split dollar and CASD programs on the books
- ✓Executive compensation benchmarking against peer institutions
- ✓Board education on the regulatory landscape (NCUA Letter 20-CU-09)
- ✓Introduction to LifeNotes Trust structure and mechanics
Complete inventory of your current life insurance programs with performance analysis.
How your executive compensation compares to similarly-sized credit unions.
Board-ready overview of the LifeNotes Trust, regulatory framework, and program structure.
Preliminary estimate of yield improvement and duration reduction potential.
CUOLI contribution structure, CASD certificate terms, or new SERP/457(f) plan design.
Year-by-year modeling of yields, cash flows, balance sheet impact, and total program cost.
Carrier diversification analysis, trust structure protections, and downside scenarios.
Governance-framed materials for the 3-meeting approval process (educate, discuss, decide).
Step 2: Design
Custom-built for your credit union.
Based on the understanding phase, we design a program specific to your credit union. This could be CUOLI optimization, split dollar restructuring, new executive benefit plans, or a combination — all structured with a defined exit through the LifeNotes Trust.
- ✓Program tailored to your asset size, executive team, and board priorities
- ✓Term selection: 10, 15, or 20 years based on your strategic horizon
- ✓Yield structure: SOFR+270bps for CUOLI; 0/1/2% for CASD by term
- ✓Board materials designed for governance framing, not sales pitch
Step 3: Analysis & Due Diligence
Institutional-grade scrutiny. Your team and ours.
This is where your credit union does its homework — and we make that process as frictionless as possible. We provide everything your legal counsel, accountants, and examiners need to evaluate the program with full transparency.
- ✓Trust agreements and legal documentation for counsel review
- ✓Annual audit reports from Doeren Mayhew (largest CU CPA firm)
- ✓Carrier ratings and COMDEX analysis across the 20+-carrier pool
- ✓Independent audit history from Doeren Mayhew — with annual and surprise audits
- ✓References from existing credit union participants
Trust agreements, participation agreements, and certificate terms for counsel review.
Annual audits by Doeren Mayhew. Full financial statements and notes since trust inception.
20+ carriers in the pool. Average COMDEX 95. Individual carrier ratings and concentration limits.
Final board approval with governance documentation, meeting minutes, and regulatory file.
Coordinated transfer of CUOLI policies or CASD notes into the LifeNotes Trust.
Fixed-duration investor certificates issued with defined term, yield, and distribution schedule.
Monthly distribution reporting, annual audit access, and examiner-ready documentation.
Step 4: Implementation
From approval to activation.
Once the board approves, we handle the operational complexity: policy transfer coordination, certificate issuance, reporting infrastructure, and regulatory documentation. Your team stays informed at every step without carrying the operational burden.
- ✓Dedicated implementation team for your credit union
- ✓Policy transfer coordinated with all existing carriers
- ✓Certificate terms locked based on your selected duration
- ✓Reporting infrastructure operational before first distribution
Step 5: Service & Support
Ongoing service for the life of your certificate.
LifeNotes is not a transaction — it is an ongoing relationship. From monthly distributions to annual audits, from examiner prep to portfolio reviews, your credit union receives continuous support for the full duration of your certificate.
As your institution evolves — new executives, board turnover, strategic shifts — LifeNotes adapts. We provide updated benchmarking, new plan design when needed, and ongoing board education for incoming directors.
Regular cash flow reporting with distribution detail and portfolio performance updates.
Full Doeren Mayhew audit reports shared with all trust participants annually.
Documentation and direct support for NCUA and state examiner inquiries about the trust.
Annual review of your program performance with optimization recommendations.
Education sessions for new board members to maintain institutional knowledge across turnover.
At a Glance
Five stages. One clear path.
Understand & Educate
Portfolio review, peer benchmarking, board education on regulatory framework and trust mechanics.
Design
Custom program architecture, financial projections, risk framework, and board presentation materials.
Analyze & Due Diligence
Full due diligence package for counsel, accountants, and examiners. Legal, financial, and regulatory review.
Implement
Board resolution, policy transfer, certificate issuance, and reporting infrastructure — all coordinated by our team.
Service & Support
Ongoing reporting, annual audits, examiner support, portfolio reviews, and board onboarding for new directors.
Trust Infrastructure
Institutional-grade partners at every level.
The LifeNotes Trust operates with independent oversight at every layer: trusteeship, custody, audit, and regulatory review. No single entity controls all functions.
Ready to start?
The first step is a free analysis of your existing CUOLI and split dollar programs. No commitment. We will show you the numbers specific to your credit union.