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BSMG Blog: Protecting the Future of Families and Businesses

5 Policy Review Resources That You Need


Are your clients' policies performing as originally designed and on track to meet their financial needs? Reviewing your clients' policies is an integral part of an advisor's business. Your clients rely on you to ensure that they have proper coverage and the most competitive pricing available.

You're likely aware of the importance of policy review. However, time is often hard to come by and perhaps policy review gets set aside due to other priorities. Now is the time. July and August are typically less busy and a perfect time to start focusing on policy reviews. Use our top 5 policy review resources to get you started and save you time.

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Insuring Your Client's Portfolio

 

What are you doing to ensure your clients' portfolios are protected? Here's how to implement a life insurance sales strategy that will protect your clients and the assets you manage.

How do you start the conversation of life insurance with your clients? Perhaps you begin by storytelling to help your clients visualize a situation in which their lives are impacted to show how life insurance would help. The scenario that's all too familiar is when the husband (or wife) dies and doesn't have life insurance. What happens to the surviving spouse? They're often forced to start spending down their investments in order to make ends meets. 

Their investments quickly deplete.

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5 Reasons Why Summer is the Perfect Time for Clients to Get Insured!

After a long winter and wet spring, it's nice to start seeing the sun shining through the clouds! Often, summer means long days, BBQ's, vacations and fun! Unfortunately, summer can also mean danger. We looked at some scary statistics surrounding classic summer activities. Be sure to share these stats and infographics with your clients to illustrate the importance of risk protection products. 

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Disability Insurance Awareness Month- 6 Facts to Share With Your Clients

May is Disability Insurance Awareness Month

Everyone knows someone who was sidelined from a job due to an unexpected injury or illness, and yet Disability Insurance (DI) is still one of the most overlooked types of insurance. The most common reason people tend to shy away from paying for DI is because they don't think it will happen to them, however we use the word unexpected for a reason. According to a Life Happens survey, "a person has a three in ten chance of suffering a disabling illness or injury that would keep them out of work for three months or more during their career".

So why aren't people protecting themselves, their family or their income? We think it's because advisors are not having the conversation. Here are the 6 most eye opening facts that should have your clients signing up for DI tomorrow. 

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Tactics & Talking Points to Introduce a Policy Review

 

DID YOU KNOW?

It is a common misconception by consumers that once a life insurance policy is purchased they can "set it and forget it."

Has your life changed in the last five years, how about the last two years? I don't need to tell you how quickly life can change. Your client's lives are also continually evolving, so shouldn't their life insurance protection be reviewed to match? Use these life insurance sales tips to keep in touch with your clients and ensure their current policy still matches their needs.

Life is busy, your clients may (or may not) be aware that they need to update their policy coverage. They also may not have the time to research new products or even to pick up the phone to call you for help. Be proactive and check in with your clients. Do they have a new career, business, child or home? The simple question of "when was the last time someone reviewed your policy?" may be all you need to open the door.

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How Successful Insurance Agents Approach Small Business Owners

Check out these tips on approaching small business owners for insurance agents & advisors.

Small business owners respond well to an approach that includes educational information and planning for their future success. They feel their business is unique. If you can teach them something new, they will be more open to meeting with and listening to you.

“Tell me what you’ve done for other small business owners and why it is right for me.”

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Calculators to Help Identify Client Needs

When you sit down with your clients are you answering key financial questions relating to their savings, taxes, insurance, education, business or retirement investments?

Your client comes to you for your expertise and depends on you to provide them with a strong plan for their future. Don't waste time by using a hand held calculator to compute complex equations or fumbling with excel, or worse a paper form. Get quick, clear cut information with automated financial calculators so you can properly and easily answer questions like these:

  • How their 401(k) or Roth IRA will affect their retirement?
  • How the inflation rate will impact their retirement income needs?
  • How taxable, tax-deferred and tax-free investments may compare?
  • How long their money will last?
  • How much they'll earn in their lifetime?
  • How much they should save for college funds?
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Minimizing Tax Implications by Using Life Insurance for Retirement Income

Do you have investors who have reached their qualified plan annual contribution limits and are looking for additional ways to create supplemental retirement income? Income replacement is often the primary reason to consider purchasing a life insurance policy, it is often overlooked as a component of a solid financial strategy tailored to address ALL your client’s specific needs. While there are many vehicles to choose from, it is important to know how life insurance may fit within your client’s short-term and long term financial goals.

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Which clients should you meet with this tax season?

Tax season is the ideal time to reach out to clients in order to ensure that their assets are protected from unnecessary taxation. Clients are more aware of their impending tax liability than at any other time of the year. By coming to them with solutions, you can build trust and set the table for future sales. 

We asked our in-house CPA which clients financial advisors and insurance professionals need to meet with this tax season and here’s some advice...

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Increasing Your Client Retention

 
Over the last decade, we have seen growth in financial services and life insurance retail options for clients, most notably the explosion of the robo-advisors. More options are available to consumers, meaning buyers can be more particular with whom they do business with. Some businesses are so focused on obtaining new clients, they forget about their current clientele. There is something to be said for providing that extra attention to your loyal clients.

Statistics show that customers care more about service, quality and personalization, than cost. Wouldn't you rather do business with someone who caters to you individually and gives you customized service? Your clients certainly do. So, while other advisors and firms may fall short by focusing primarily on the pursuit for new clients, take the long game by setting up a life insurance sales strategy that includes paying more attention to your current customers. Recognize your current roster and make each client feel like the MVP. This will build customer retention, brand loyalty and make your business stronger.

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