Even though the Life Insurance marketplace is ever changing, there are time tested ways to help you to generate premium while providing a valuable service to your clients.
It’s no secret that products change and new enhancements are introduced which can provide additional benefits to your clients. It should come as no surprise that as your clients move through different life stages, their needs also change.
As a result, it is imperative that as their Life Insurance agent, you are periodically reviewing your client’s existing policies to ensure that they still meet their primary objective while confirming that there isn’t a more competitive alternative product available.
By staying in contact with your clients and performing annual policy reviews, you are also improving your client relationship and decreasing the chances that they will begin speaking with another advisor to confirm that their plan is performing adequately and continuing to meet their specific needs.
Recently, we assisted an agent in reviewing three policies that were each designed with cash value accumulation as the primary objective.
As the insured’s have grown older, they have become less concerned with accumulating cash value and more concerned with death benefit protection and transferring wealth to their beneficiaries. By using their current cash value and exchanging into a guaranteed policy, we are able to increase their fully guaranteed death benefit by over 35% while maintaining the same premium commitment going forward.
This was not a result of their current policy underperforming or being unsatisfactory in any way. It is merely a result of the client’s needs being different today than they were 15 years ago when they originated their plan. More often than not, these sales are not initiated by the client – they begin with a courtesy call from their advisor recommending a review of their current insurance policies.
We have a Policy Review Kit which can be customized to help you begin reviewing your client’s policies.
If you would like assistance reviewing one of your client’s existing policies, please contact us today and we can provide you with an itemized list of what is required to get the policy review started.