You have a unique opportunity to help your clients create long-term financial security. The good news is all you need to do is ask a few simple questions. It is important to remember that your clients’ needs are changing and you as the producer can help them achieve their financial goals through the products and services we offer.
When life 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.
Examples of life events
• Change in job status
• Birth of a child
• Change I marital status
• Spouse receive a promotion
• Purchase of a home
Importance of an annual policy review
The need for additional coverage is only one component of a policy review. You 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, you 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.