BSMG Blog: Protecting the Future of Families and Businesses

How to Handle Policy Reinstatement

When your client calls to discuss a lapsed policy, what do you do?

Oversights happen, here are some life insurance sales tips on what you can do to prevent a lapsed policy, put it back in force and provide your client with the protection they need. 

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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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Tactics & Talking Points to Introduce a Policy Review



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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Is Policy Review Risky Business?

Do you shy away from policy review because of the notion that it's too risky of a business? When you assess your client's policy, their health and financial circumstances, you qualify the best fit for their current position and needs. Preforming a policy review is a part of an advisor's due diligence, as needs change and new products are continually becoming available. Identifying an opportunity to put your client in a better position will boost your business, while also build client loyalty. What happens if you uncover an impactful health condition that could affect your client's chances of obtaining this new policy? With the right back office support and impaired risk underwriting team you can overcome what may seem like an impossible policy rescue.

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Mind the Gap: Life Insurance to Last Beyond 100

Permanent life insurance is designed to be in force for the policy holders lifetime to provide for a family and their assets. What happens when the policy owner outlives the maturity date on their policy? Things aren't like they used to be, people are living longer and life expectancies are increasing from what they were fifteen to twenty years ago.  

The World Health Organization projects the global number of centenarians to increase tenfold between 2010 and 2050.  While most life policies written today protect people until the age 121, LIMRA's data reports that nearly 6 in 10 Americans have life insurance that was purchased over 15 years ago. The problem here is that policies written before 2004 protected those insured only to an average age of 95 or 100. There is a big gap between age 95 and 121!

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Why Conduct a Policy Review in the First 5 Years


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

Policy reviews offer you a unique opportunity. They allow you to reconnect with clients or connect with prospects about their protection needs. For clients, you can see what changes have occurred in their lives, and for referrals and prospects, it can be an eye-opening review. A life insurance policy review also offers you the chance to talk about whether or not the life insurance policies they purchased are still the right policy type and coverage amount to meet their current needs, and if it's not they can leverage their original underwriting and avoid a lengthy process. Ensuring clients’ coverage is still appropriate, is as—and in many ways more —important than the initial policy they purchased.

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Client Tips for Life Insurance Policy Reviews

Often clients assume life insurance is a one-time purchase, but as life changes so do their life insurance needs. There are many important life events that should trigger your clients to review their needs, and your proactivity in advising them of these potential scenarios can deepen your relationship as a trusted advisor.

Making sure your client's coverage fits their current and future needs is very important. Take a look at the top 5 life events that should prompt your clients to contact you to review their policy.

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5 Life Insurance Mistakes to Avoid part 2

As a follow-up to our other Top Life Insurance Mistakes to Avoid blog, we've compiled 5 additional common mistakes to make sure your clients avoid. Check out these mistakes below and share them with your clients!

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5 Reasons for Your Clients to Consider a Policy Exchange

A policy exchange (also known as a Section 1035 Exchange) is the process of directly transferring accumulated funds in a life insurance policy for another life insurance policy without creating a taxable event.

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Creating New Sales Opportunities From Existing Clients

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
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