A life insurance review is a huge value-add to your existing clients, especially if they have an existing life insurance policy.
Sounds good... but how do you do it? You've come to the right place! We've asked Michael Sams to do a sample life insurance review so we can learn about how it's done.
Why Do a Life Insurance Review Anyway?
We all know that there are agents out there who don't offer service after the sale, so if you can step in and help, your clients will be less likely to leave you.
Not only can you help explain what they have – because a lot of us forget – but you can make sure that it does a few essential things:
- Does the policy type still fit their needs?
- Does the death benefit fit their needs?
- Is there any way we could reduce their premium without sacrificing benefits?
All of these questions can be answered by doing a simple life insurance review.
We've done an article about life insurance reviews in the past, but there's just something about seeing it. That's why we asked Michael Sams to do a roleplay scenario so we can all benefit from seeing how a life insurance review is supposed to go.
Here's What a Life Insurance Review Looks Like
This video is starting in the middle of the Client Needs Assessment. This is a list of questions we recommend agents go through with their clients. It'll show you all of the potential needs of your client so you can address them with the products that fit their situation best.
Michael and Linda's Life Insurance Review
Michael: OK, are you still paying premium?
Be Sure to Use the Client Needs Assessment!
What If I Don't Know How to Proceed?
Give It a Try!
We always recommend doing a few practice sessions so you're comfortable doing it in front of a client. If you have a spouse, mom, dad, grandparent – bribe them with a nice dinner and ask them to be your roleplay buddy!
Perhaps they even have an existing life insurance policy, which is even better.
After two or three practice rounds, you're ready to hit the streets. Life insurance sales can be lucrative for you, but it can also be a godsend to families in need.
Just read this real story from a producer that works with New Horizons: If a client asks this question, do you have a good answer?