Preparing for an unexpected death, retirement shortfall or long term care event could bring to light unmet needs, and open opportunities for you to help clients. A policy review is a great way to uncover changes in needs that have come about over the years.
Do you have existing clients who are due for a policy review?
To ease into a conversation about life insurance, consider asking your clients:
- If they’ve recently reviewed their beneficiaries
- Whether their coverage is through work and how a job change may affect that coverage
- If their coverage has kept up with how their lives have changed
Genworth research has shown that clients want an annual policy review, but don’t want it to take a lot of time:
- 60% of clients said that they would like their coverage reviewed annually, and
- 77% said that they would like an hour or less for their annual review.*
TIP: Using social media to gather client information ahead of time can keep you more informed and make starting a conversation easier.
Identifying Potential Opportunities
To match an existing client with an opportunity for a life insurance sale it's a good idea to identify clients who:
Are uninsured or underinsured and…
- Have no life insurance
- Have insurance through the work place only
- Are couples with only one insured spouse
- Are individuals/families whose earnings have increased since first buying insurance
- Have expiring term life insurance policy with no other plan in place
Have not had a review recently and have had…
- Birth(s) in the family (children or grandchildren)
- Sale/purchase of home (primary, rental or vacation)
- College financing needs—children/grandchildren preparing for college or adult returning to college
- Job change (recent or imminent)
- Marriage or divorce
May be interested in death benefit and savings options and are…
- Unhappy with today’s low interest rates, but nervous about taking on market risk
- Looking for ways to save on interest related taxes
- Interested in passing on assets to heirs or charities
Are small business owners and are…
- Looking for ways to insure key employees
- Interested in funding a buy-sell arrangement for the transfer of a business interest at an owner’s death
- Hoping to provide extra benefits for key employees
As you've read along with this post, you may have had a few clients come to mind who fit the criteria for a policy review. If so, don't miss the opportunity. BSMG can help you get started today.