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Underwriting for a life insurance policy may begin before an Irrevocable Life Insurance Trust (ILIT) has been completed, signed, and dated. This enables financial advisors to make alternative arrangements in case the proposed insured is uninsurable, and enables the lawyer, insured, and trustee to finalize the trust details. After the ILIT has been signed, a new application is completed and signed by both the proposed insured and the trustee as owner/applicant. It must be dated after the date of the trust; otherwise, if the insured dies within three years of the policy issue date, the death benefit proceeds could be included in the taxable estate. This is referred to as the "three year anticipation of death" or the "three year look-back." The policy will be issued with the trust as owner and beneficiary of the policy. This process should take less than 30 days; otherwise, the insurance company may request additional requirements or a new exam.