As an insurance agent, it is critical that you take time to do annual reviews with your clients. Yes, it is easy to forget the client you sold a policy to many years ago. Don’t use that as an excuse to not keep adding value to your clients.
Tons of people have life insurance. Many of them get it and almost forget it other than when it is time to pay the premium each month. Many clients don’t think they have to make changes over time. Those clients are wrong. Taking the time to review a policy is worth the time it takes to do so.
If you died tomorrow, would your family be OK based on your current policy? If you can’t answer quickly and assuredly with a “yes” then it is time to review your coverage.
What if the person listed as the beneficiary originally needs to be changed? Uh oh. Time for a review. Mistakes and errors happen. They are easy to correct, but that means spending a few minutes to review the paperwork.
The Alliance encourages our agents to perform an annual review with every single client.
If changes are needed, typically it only takes filling out a simple form to get things in order for your client.
For a lot of families, a life insurance policy is the main asset gifted upon a loved one’s death. It can sometimes make or break the family’s entire financial future.
Another potential change could be needed if the client’s lifestyle has improved. They might need more coverage because they are more successful than when they first secured the policy.
Clients are sometimes confused about exactly how much coverage they have. If you take the time to sit with them and cover exactly what they have, they might realize they need more coverage. Show them you have their best interests at heart.
A good time to review a policy is any time that a client has a life event. Things like marriage, divorce, birth of a new baby, buy a home, etc. Maybe their health has improved and they want to update their coverage. The list can go on and on when it comes to updating and reviewing a client’s policy.
Do what is best for your clients by taking a few minutes to cover their policy and their current needs. It is the right thing to do.
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