[Roleplay] How to Offer a Life Insurance Review to Existing Clients

NH-Roleplay- How-to-Offer-a-Life Insurance-Review-to-Existing-Clients
August 5, 2019

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:

  1. Does the policy type still fit their needs?
  2. Does the death benefit fit their needs?
  3. 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.

If you'd rather read than watch, here's a quick recap of how that life insurance review progressed:

Michael and Linda's Life Insurance Review

Michael: So, Linda, the next question I have for you is pertaining to life insurance. Do you currently carry any life insurance?
 
Linda: Yes, I do.

Michael: OK, are you still paying premium?
 
Linda: Yeah, I sure am.
 
Michael: How much are you paying?
 
Linda: $53 per month.
 
Michael. OK. What is the death benefit or the value of that life insurance?
 
Linda: $8,000.
 
Michael: OK. And do you happen to know your cash value?
 
Linda: Somewhere around $2,400.
 
Michael: And the purpose for carrying that life insurance?
 
Linda: Final expense.
 
Michael: That is a great policy to have. Something that is just mind blowing to me is that in today's world, the average cost for standard selections in the state of Illinois is over $16,000 for a funeral.
 
While you have half of that, I'd like to go over a few numbers to add to what you already have. I don't think we want to replace it – I think we just want to add to it.
 
As we run a quote here, I can do a $10,000 benefit for $37.32 per month. And the other option is an $8,000 death benefit which would be $30.98. We would just start by submitting an application to confirm we can get you approved, and from there, we would determine the death benefit you'd want to select.

Be Sure to Use the Client Needs Assessment!

The Client Needs Assessment is the reason that review went so effortlessly for Michael. He didn't have to stumble to think of the next question to ask – it's all laid out for him.
 
You can see that Question #7 of the CNA outlines all of the questions you need to ask during your life insurance review:
 
Life insurance review questions
 
You can get your copy of the CNA here:
 
Download Your Client Needs Assessment Template
 
We recommend writing directly on the CNA and then scanning it into your CRM so you can refer back to it at future appointments.
 

What If I Don't Know How to Proceed?

You didn't think we'd leave you hanging, did you?
 
We purposefully make selling life insurance as easy as humanly possible here, so if you can just gather the information on the CNA and bring it back to us, we will help find the right fit.
 
If you already know the best life insurance solution, that's fantastic, but we want to stress that it's not essential to get going.
 
If you want to be better prepared for potential questions and scenarios, we created a flowchart that outlines the questions in the CNA and what to do depending on how the client answers. It's pretty nifty.
 
In Michael's roleplay example, he went down the final expense path, which is pretty common.
 
life-insurance-flowchart
 
You can download this flowchart as part of the Life Insurance Training Kit:
 
Get started with our free life insurance marketing & training kit
 

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?

If you have any questions or need help with contracting before you get going, contact us! We can make sure you have the most competitive carriers in your back pocket for when the time comes.
 
Good selling, and don't forget that September is Life Insurance Awareness Month!
 
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