A new year means new opportunities, and when you work in life insurance, many opportunities can be found by maintaining relationships with clients. Your client’s financial needs will be an evolving situation, and keeping a finger on the pulse of their goals can help you find coverage that makes sense for them now and later.
Holding annual policy reviews with your clients is a great way to keep in touch with your clients’ needs while building your book of business. This January, schedule some one-on-one time with your existing clients to discover what insurance solutions can help them make the most out of the new year.
Help them find a fresh start in the new year
The new year is a natural time for reflection and planning. Many people spend January thinking of the future and deciding what they’d like to do differently.
Whether that’s trying a new workout routine or finally hitting that elusive book count they’ve fallen short of in previous years, the new year brings opportunities for change and self-improvement.
As such, it’s a perfect time to schedule policy reviews with your clients. Your clients will be considering what life changes they foresee in the new year, and any milestone in life can be expertly paired with an appropriate life insurance policy. That’s where you come in.
Policy reviews — beneficial for clients and agents
Holding policy reviews with your clients will be a boon to both your business and the financial standing of your client. The goal of a policy review is to ensure your clients have coverage in every facet of their lives.
Reviewing your client’s life insurance policy can help them continue a path to financial stability while giving you opportunities to sell more.
Policy reviews are also an opportunity to strengthen relationships with your clients. Regardless of how long you’ve worked with someone or the amount of coverage you’ve sold them, you can add to that relationship by providing a free review of their existing policies and financial strategies.
Policy reviews do not have to end in selling another policy – in fact, having that mindset might lead to over-insuring your client. Instead, they should be seen as a discussion on aligning policies with your client’s long-term financial goals.
Scheduling these annual life insurance reviews will help to strengthen your agent-client relationships, while continually updating your client’s coverage.
What does an effective policy review look like?
An effective policy review is one you’re prepared for. Look at the client’s coverage beforehand and consider the following:
- Are there any milestones your client has experienced since getting covered?
- What gaps can you identify — what important assets are not covered?
- Is there a better solution that fits their needs that didn’t exist last time?
By confidently answering each of these questions, and researching solutions if needed, you can help your clients reach their goals.
Missing milestones
What life milestones have passed since the last time you met with your clients and what do they expect will change over the next year? This is one of the easier questions to answer during your annual reviews.
Milestones that influence coverage needs can be anything from getting married to planning for retirement. Milestones can even be as small as a career change that results in less protection for your client.
When you’re assessing the life changes of your client, there’s nothing too small that can add to their larger financial picture. You can then address these milestones with appropriate coverage.
For instance, a term life policy might be perfect if they’re expecting a new addition to the family, while setting them up with an annuity might make more sense if they’ve decided to map out the road to retirement in the new year.
Uncovered assets
A great segue from milestones is uncovered assets. What assets does your client have that are not covered with insurance? Everything from the mortgage payments that secure their family home to the paycheck that keeps the lights on can be covered by some type of life insurance.
If your client has a home without mortgage protection, an annual review should reveal that, allowing you to find them coverage. Likewise, adding a disability rider to their policy could keep them protected from gaps in income.
Addressing these assets is important to any annual review with your clients, and understanding the different uses of a given insurance product will drive your success during these conversations.
Better solutions
The life insurance industry is fast-paced, and a lot has likely changed since the last time you met with your clients. Maybe that term life policy you matched them with was the best you could do last year (or the year before);maybe there’s a whole-life policy that makes more sense now that you can help them convert to.
A great example of this is a collection of insurance policies built by our parent company, Quility, called Quility Secure Future Complete. This suite of whole-life offerings might not have been available to your clients the last time you met. But now they can access one-of-a-kind, instant-decision protection guaranteed to fit their needs.
That’s why it’s important to stay informed about new products and services throughout the year. You will likely learn about a new solution that is an even better fit for your clients.
Become the trusted advisor they need for the year ahead
Providing annual policy reviews is an excellent way to build trust with your clients. If done correctly, this yearly review will position you as a holistic advisor, constantly looking for ways to improve their financial situation.
Regular policy –check-ins are one thing, but holding annual reviews with your existing clients also lets them know you see them as more than a transaction. It’s your job to be on the lookout for new ways to keep them protected – and annual reviews will help you build and maintain a relationship with them.
Start the new year right with Symmetry
Annual reviews are the perfect way to start the new year for both you and your client. As a Symmetry agent, we give you the tools and training to make those reviews as successful as possible.
This year, help your clients achieve their financial goals with insurance solutions that will help them get there.
