Even if you don’t believe it, your past and current clients are your best source for new policies. Prospecting for new clients is time-consuming and expensive, so if there is a way to increase your sales without the investment of cold calling, mailing postcards, advertising, or purchasing leads, wouldn’t you do it? Of course!
Keeping in contact with your past and current clients is well worth your time and effort. It’s amazing how many new opportunities are setting right in front of you from not only them, but the referrals they will generate! Yes, keeping in touch with your database does take time, effort, and money, but it is less cost-invasive and time-consuming than trying to help someone who doesn’t even know you exist.
There are hundreds of ways to stay in touch with your clients, but one of the most rewarding—for both you and your client—is to conduct regular policy reviews. Scheduling regular life insurance reviews positions you as a resource and trusted professional who your clients will be eager to discuss with their friends. So, why wouldn’t you do them?
Life insurance can be one of the simplest and most powerful forms of protection for your clients, but their lives are constantly changing. Therefore, it’s imperative to make sure the coverage is adequate and appropriate as their needs are altered by innumerable life events. Here are just a few that may trigger the need to review their life insurance policy:
New child or grandchild
Major investment gain/loss
Change in marital status
Change in estate plan
Sales or purchase of a home
Start or purchase of a business
Sold or acquired assets
Death of family member
Gain/loss of business partner
It’s also important to remember that life insurance products continually change over time, and that’s one more reason for you to have a regular client review practice in place. While it’s essential to ask clients questions, such as those listed below, regarding their current coverage, do not overlook your ability to get them the same coverage at a lower cost, a policy that offers more coverage for the same premium, or an improved death benefit guarantee.
Use these questions to review your clients’ current needs and determine what changes, if any, need to be made.
Are your goals being met in the most cost-effective manner?
Is the policy properly funded to meet your current objectives?
Is the appropriate amount of insurance coverage in place to meet your financial goals?
Are the named beneficiary designations current?
Will your current policy ownership agreement produce tax liabilities for you and your estate?
Can I help identify alternate strategies that could save you or your beneficiaries money in the long run?
Now, what was the fourth question again? “Are the named beneficiary designations current?”
Improper beneficiary designations can lead to nightmares none of your clients’ loved one should have to face, and you are more than capable of helping prevent them. Plus, there are some excellent resources, including workshops and workbooks, to help ensure they are chosen properly. Watch this 15-minute video if you’re interested in learning more about those.
However, the moral I really want you to learn from this blog is to invest time and energy into your current and past clients before investing in those prospects you’ve never met. Trust, credibility, and long-term relationships are just the beginning to the benefits of scheduling reviews, and they can lead to life-long clients who send you regular referrals to continually grow your business.
Postema Marketing Group is a full-service Independent Marketing Organization (IMO) dedicated to providing world-class products and services to our clients. We have partnered with some of the strongest names in the insurance industry and proudly serve independent agents from coast to coast.
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