Start by asking clients to bring in their life insurance policies before you meet with them. Then, it's advisable to cover the seven key goals of a policy review briefly, at the start of each meeting.

Coverage adequacy – "We will make sure all your life insurance policies, together, provide the protection you need now, guaranteed by a financially strong company."
Affordability and sustainability – "We will make sure you are not paying too much in premiums, that there are no premium surprises on the horizon, and that no single policy is costing you more than it is worth."
Performance – "You will understand how your policies have performed over the past year, and how performance has impacted your coverage, costs and cash values."
Ownership/beneficiary review – "We will assure that your policies' ownership structure and beneficiaries are the right choices to meet your needs and fulfill your expectations."
New needs and concerns – "I want to understand how your coverage needs have changed and answer your questions or address your concerns. I also can help you take advantage of any convertibility options you may have to upgrade coverage without a new medical underwriting."
Consolidation of information and service – "I would like to consolidate information on your policies as your agent-of-record, to expand my services as your life insurance professional."
Referrals – "I would appreciate any referrals you can offer to others who may need this same type of attention and personal service."

Even if you don't see a need to make any changes in life insurance coverage, reviews can help you become the agent-of-record on orphaned policies, ask satisfied clients for referrals, and update your clients' records.

Instant Insights /

7 key goals of life insurance policy reviews

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