Life insurance policy reviews: How often should they be done?
By David Shields
WealthMark Advisors, Inc
Now is the right time to contact clients you haven’t spoken to in at least three years to re-evaluate their insurance needs.
Consider the changes your clients might have gone through. The period between June and September sees the most weddings, as well as births. Thousands of couples have just helped the last of their children move out to go to college. And January has long been the month in which most divorces take place. All of these life-altering events demand a life insurance policy review.
To get a clear picture of how clients’ circumstances or attitudes toward their coverage might have changed, ask the following questions:
- Can you offer the same coverage they currently have at a lower cost?
- Does a death benefit rider need to be added?
- Does a term life policy need to be converted to universal or whole life?
- Have there been any marital changes or recent additions to the family?
- Has a new home been purchased?
- Have there been any beneficiary changes?
- Have there been any changes in health?
Furthermore, agents who focus on delivering an attentive customer experience are more likely to be rewarded with repeat business and referrals than agents who never follow up with their clients. If you haven't already done so, get in the habit of checking in with past customers to review their life insurance needs.