Don’t let your competitors do life policy reviews for your clients!
We received a lead for existing commercial clients wanting buy-sell quotes. After the initial interview, we determined that they have multiple businesses requiring multiple life insurance policies to solve the problem. There would be some medical underwriting issues to overcome. Still, after many hours of extensive work, we placed in force the needed term life policies totaling about $10,000 of annualized premium. After a couple of years, as is The Life Department’s practice, I attempted to set up a policy review, but the client wasn’t interested in doing so then. Undeterred, I tried again after another two years. This time they were ready to meet. The policy review meeting revealed their businesses had grown many times. Clearly, they needed to increase the coverage for their companies substantially, but the review also prompted a discussion about their personal life insurance needs – which were substantial. As a result, we wrote the additional buy-sell coverage and also personal life policies for the business owners, their spouses, and their children. The annualized premium on the new plans totaled over $60,000. Policy reviews conducted by an experienced agent can lead to significant additional profits.