Policy Review
Assessing the performance of your client’s protection plan
Performing policy reviews isn’t just about product maintenance – it’s about positioning yourself as your client’s trusted guide. By proactively reviewing contracts and policies, you show commitment, uncover new opportunities, discover additional needs, and set yourself apart from competitors.
Policy Review
Assessing the performance of your client’s protection plan
Performing policy reviews isn’t just about product maintenance – it’s about positioning yourself as your client’s trusted guide. By proactively reviewing contracts and policies, you show commitment, uncover new opportunities, discover additional needs, and set yourself apart from competitors.
Who needs a policy review?
Any client with life insurance, annuities, long-term care, or disability insurance should regularly review their protection plan. Consider doing so for any of the following situations:
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Clients experiencing life changes such as marriage, birth, health developments, or career shifts.
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Policies issued with rates inconsistent with current market offerings.
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Clients who want or may need to transition from a term policy to permanent life insurance.
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Clients who have taken out policy loans to pay premiums or fund a cash need.
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Business owners using life insurance as part of their continuation plan, benefit plan, or key-person coverage.
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Trustees diligently monitoring trust-owned life insurance policies.
Outcomes
A policy review highlights your expertise by either revealing that the policy is performing as expected or uncovering one or more of the following outcomes:
Savings from unnecessary riders.
Lowered mortality costs associated with improved health/longevity.
Repositioning policies to better align with the client’s risk tolerance.
Increased returns and/or income.
Better company ratings.
Improved underwriting programs and/or pricing.
Process
Initiate a policy review by completing this form.
If you’re not the servicing agent on the contract, we’ll guide you through the process of adding your client. If you’re already on the contract – move to step 3.
Different carriers have different protocols and may require different forms to disclose in-force policy data. Our team will work with you to collect the necessary paperwork and signatures so we can establish a current snapshot of your client's policy.
Once the in-force data is received from the carrier, we'll perform an in-depth analysis of the policy's performance and compare it to what was intended when the policy was first sold. In addition, we'll survey the current marketplace to guide you to any products that may fit your client's needs better.
