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Life Insurance Review

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Reviewing Life Insurance Policies

Your customers should look to you when it comes to their life insurance coverage. After all, you’re the expert.

So when you take the initiative and review your customers’ policies every one to two years, it’s an opportunity for you to build loyalty and increase your business.

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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

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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

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Building on your current customer base can be simple During these economic times, it’s 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. That’s why working with your current customers is an essential part of building your business.

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Ten most common life insurance mistakes The insured’s estate is named

as beneficiary Failure to name at least two

“backup” beneficiaries Failed to check policies at

least every 3 years Product does not match the

problem The amount of coverage is

inadequate for current goals Policy proceeds are payable

outright to minor children or grandchildren

All the insurance is owned by the insured

No investigation to see if the insured’s 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 commodity

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Your plan is already in place

A life insurance review is simple when you follow these four stepsGet in touchHave a conversationEvaluate and analyzePresent meaningful solutions

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Rocky Mountain Insurance Network’s 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 clients

We will assist you in completing the policy review on your clients

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Professional Life Insurance Management Program includes: Pre-approach letter – for you to send to your

clients 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

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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

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Step 1 – Getting in touch

If you have a close, personal relationship, you could just make a simple phone call and set up an appointment

A pre-approach letter that you can personalize to your clients

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Step 2 – Have a conversation

What’s going on in your customer’s life? Whether there have been subtle changes or major ones, it’s 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

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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?

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During this conversation

Complete a Policy Fact Finder form on your client

Complete a Broker Authorization letter with your client

Send this information to RMIN

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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

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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

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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

recommendations Provide you with the details and information you need

to follow up with your client

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Step 4 – Present meaningful solutions Now, you know your customer’s 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

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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!!

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We’re only a phone call away

Call us today at (800) 846-3997 to get started

Visit our web site at www.rmin-insurance.com today.

“In Business For Yourself, Not By Yourself”