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Life Insurance Review


Life Insurance Review Reviewing Life Insurance Policies Your customers should look to you when it comes to their life insurance coverage. After all, you re the expert. – PowerPoint PPT presentation

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Title: Life Insurance Review

Life Insurance Review
Reviewing Life Insurance Policies
  • Your customers should look to you when it comes
    to their life insurance coverage. After all,
    youre the expert.
  • So when you take the initiative and review your
    customers policies every one to two years, its
    an opportunity for you to build loyalty and
    increase your business.

What you gain
  • A chance to prove your interest and knowledge to
    your customers
  • Loyalty that can last for years even to the
    next generation
  • The opportunity to build your business with
    existing customers
  • Cross-selling opportunities
  • Explicit and enthusiastic referrals

What your customers gain
  • The chance to consider the changes in their lives
    and financial situations
  • The opportunity to adjust their life insurance
    coverage, or opt to keep their current policy
  • Peace of mind, knowing they have proper policies
    that will take care of their loved ones

Building on your current customer base can be
  • During these economic times, its easy for people
    to overlook the purchase of new life insurance
    polices. However, people who already own policies
    understand that fixed life insurance is still a
    solid, stable investment. Thats why working with
    your current customers is an essential part of
    building your business.

Ten most common life insurance mistakes
  • The insureds estate is named as beneficiary
  • Failure to name at least two backup
  • Failed to check policies at least every 3 years
  • Product does not match the problem
  • The amount of coverage is inadequate for current
  • Policy proceeds are payable outright to minor
    children or grandchildren
  • All the insurance is owned by the insured
  • No investigation to see if the insureds business
    can provide insurance on a more cost- or
    tax-efficient basis
  • Forgot that term insurance (including group term
    coverage) will self-terminate or become
    prohibitively expensive to carry
  • Insurance has been purchased or treated as a

Your plan is already in place
  • A life insurance review is simple when you
    follow these four steps
  • Get in touch
  • Have a conversation
  • Evaluate and analyze
  • Present meaningful solutions

Rocky Mountain Insurance Networks Program
  • We have developed a Professional Life Insurance
    Management Program
  • This program was set up to make the policy review
    process as easy as possible for you and your
  • We will assist you in completing the policy
    review on your clients

Professional Life Insurance Management Program
  • Pre-approach letter for you to send to your
  • Policy Fact Finder form used to gather current
    policy information
  • Broker Authorization letter signed by client
    giving you and RMIN authorization to obtain
    information on current in force policy
  • Complete Policy Review form detailing entire
    review process and our recommendations

Your role vs. RMIN
  • Your role
  • Get in touch
  • Have a conversation
  • Complete our Policy Fact Finder form
  • Obtain a Broker Authorization
  • Send above information to RMIN
  • Our role
  • After receiving the Policy Fact Finder and Broker
    Authorization, we will request an in force ledger
    from current carrier
  • Do a Complete Policy Review and make a
    recommendation for you to present to your client

Step 1 Getting in touch
  • If you have a close, personal relationship, you
    could just make a simple phone call and set up an
  • A pre-approach letter that you can personalize to
    your clients

Step 2 Have a conversation
  • Whats going on in your customers life? Whether
    there have been subtle changes or major ones,
    its easy for people to overlook their life
    insurance policies as their situations change
  • Income promoted, laid off, changed job, retired
  • Family new birth or adoption, grandchildren,
    elderly parent
  • Home new home, paid off mortgage
  • Martial status marriage, divorce
  • Heath weight loss, quit smoking
  • Inflation if 10, 15 or 20 years old, may no
    longer be adequate

Other conversations that may be helpful
  • Young customers
  • Many of them have term insurance, but should they
    consider a long-term policy?
  • Middle-aged customers
  • Are they paying too much for adequate protection
    for their families? Should they look at polices
    that will help them build cash value?
  • Business owners
  • Are they using their life insurance effectively,
    by using it to handle continuation plans, benefit
    plans or key person coverage?
  • Trustees
  • Are they exposing themselves to unnecessary
    liability and legal risk by managing policies
    that are not their own?

During this conversation
  • Complete a Policy Fact Finder form on your client
  • Complete a Broker Authorization letter with your
  • Send this information to RMIN

Reasons to consider maintaining the status quo
  • New contestable period
  • Existing loans
  • New acquisitions costs
  • New suicide period
  • Guaranteed crediting rates
  • Surrender period
  • Change for the worst in underwriting status

Reasons to consider exchanging a policy
  • Secondary guarantees universal life products
    with death benefit guarantees
  • Lower mortality rates all products are now on
    2001 CSO tables
  • More competitive plans
  • Preferred/Special underwriting
  • Extended maturity dates

Step 3 Evaluate and analyze
  • Rocky Mountain Insurance Network will
  • Obtain any information needed on the current in
    force policies
  • Run current illustrations and compare all options
  • Do a Complete Policy Review and make appropriate
  • Provide you with the details and information you
    need to follow up with your client

Step 4 Present meaningful solutions
  • Now, you know your customers life insurance
    coverage inside and out
  • Your recommendation may be as simple as changing
    a beneficiary
  • Or, through the Complete Policy Review completed
    by RMIN, you now have better options to present
    to your client for them to consider

If new policy is recommended
  • RMIN will provide you with all applications, etc.
    needed to get started
  • RMIN will manage the case from beginning to end
  • RMIN pays out the highest street comp available
    no broker haircut on fixed business and your
    appointment is direct with the carrier!!

Were only a phone call away
  • Call us today at (800) 846-3997 to get started
  • Visit our web site at
  • In Business For Yourself, Not By Yourself