Your client’s needs are changing each year and the task of making sure that they are adequately insured rests with you, the producer.
There are a number of events that can trigger a need for additional Life Insurance such as the purchase of a home, the birth of a family member, a marriage or divorce and even a promotion at the office.
When these events occur, most people are not thinking about how much additional Life Insurance they might need. It’s more likely that they are considering how these events are going to affect their day to day life. That is why it’s essential that you have a system or method of performing a policy review on each one of your clients.
When reviewing policies, you may come across clients who have purchased new insurance in recent years but have found that they would like to increase their coverage. We have a carrier that allows your clients to add a new policy at the same underwriting class as their recently placed policy.
The amount available in the policy is determined by the number of years since the coverage was placed and the approved underwriting rating on the policy. We can help you determine if the client’s existing plan would make them eligible to enroll in this program.
The need for additional coverage is only one component of a policy review. We can also review an existing plan to make sure it is still the most cost effective plan for the client. Perhaps the client’s existing policy has substantial cash value and the client is only concerned with death benefit protection.
Through policy review, we may be able to 1035 exchange the cash value into a new policy, pay the same premium and provide a higher guaranteed death benefit for your client. Our Policy Review Kit contains sample approach letters and facts to help you get the process started.
Call us today for a copy of the Policy Review Kit or any other policy review related support.
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