Life Insurance Review

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Life Insurance Review
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Reviewing Life Insurance Policies

• Your customers should look to you when it comes
  to their life insurance coverage. After all,
  youre the expert.
• So when you take the initiative and review your
  customers policies every one to two years, its
  an opportunity for you to build loyalty and
  increase your business.

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What you gain

• A chance to prove your interest and knowledge to
  your customers
• Loyalty that can last for years even to the
  next generation
• The opportunity to build your business with
  existing customers
• Cross-selling opportunities
• Explicit and enthusiastic referrals

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What your customers gain

• The chance to consider the changes in their lives
  and financial situations
• The opportunity to adjust their life insurance
  coverage, or opt to keep their current policy
• Peace of mind, knowing they have proper policies
  that will take care of their loved ones

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Building on your current customer base can be
simple

• During these economic times, its easy for people
  to overlook the purchase of new life insurance
  polices. However, people who already own policies
  understand that fixed life insurance is still a
  solid, stable investment. Thats why working with
  your current customers is an essential part of
  building your business.

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Ten most common life insurance mistakes

• The insureds estate is named as beneficiary
• Failure to name at least two backup
  beneficiaries
• Failed to check policies at least every 3 years
• Product does not match the problem
• The amount of coverage is inadequate for current
  goals
• Policy proceeds are payable outright to minor
  children or grandchildren

• All the insurance is owned by the insured
• No investigation to see if the insureds business
  can provide insurance on a more cost- or
  tax-efficient basis
• Forgot that term insurance (including group term
  coverage) will self-terminate or become
  prohibitively expensive to carry
• Insurance has been purchased or treated as a
  commodity

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Your plan is already in place

• A life insurance review is simple when you
  follow these four steps
• Get in touch
• Have a conversation
• Evaluate and analyze
• Present meaningful solutions

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Rocky Mountain Insurance Networks Program

• We have developed a Professional Life Insurance
  Management Program
• This program was set up to make the policy review
  process as easy as possible for you and your
  clients
• We will assist you in completing the policy
  review on your clients

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Professional Life Insurance Management Program
includes

• Pre-approach letter for you to send to your
  clients
• Policy Fact Finder form used to gather current
  policy information
• Broker Authorization letter signed by client
  giving you and RMIN authorization to obtain
  information on current in force policy
• Complete Policy Review form detailing entire
  review process and our recommendations

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Your role vs. RMIN

• Your role
• Get in touch
• Have a conversation
• Complete our Policy Fact Finder form
• Obtain a Broker Authorization
• Send above information to RMIN

• Our role
• After receiving the Policy Fact Finder and Broker
  Authorization, we will request an in force ledger
  from current carrier
• Do a Complete Policy Review and make a
  recommendation for you to present to your client

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Step 1 Getting in touch

• If you have a close, personal relationship, you
  could just make a simple phone call and set up an
  appointment
• A pre-approach letter that you can personalize to
  your clients

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Step 2 Have a conversation

• Whats going on in your customers life? Whether
  there have been subtle changes or major ones,
  its easy for people to overlook their life
  insurance policies as their situations change
• Income promoted, laid off, changed job, retired
• Family new birth or adoption, grandchildren,
  elderly parent
• Home new home, paid off mortgage
• Martial status marriage, divorce
• Heath weight loss, quit smoking
• Inflation if 10, 15 or 20 years old, may no
  longer be adequate

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Other conversations that may be helpful

• Young customers
• Many of them have term insurance, but should they
  consider a long-term policy?
• Middle-aged customers
• Are they paying too much for adequate protection
  for their families? Should they look at polices
  that will help them build cash value?
• Business owners
• Are they using their life insurance effectively,
  by using it to handle continuation plans, benefit
  plans or key person coverage?
• Trustees
• Are they exposing themselves to unnecessary
  liability and legal risk by managing policies
  that are not their own?

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During this conversation

• Complete a Policy Fact Finder form on your client
• Complete a Broker Authorization letter with your
  client
• Send this information to RMIN

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Reasons to consider maintaining the status quo

• New contestable period
• Existing loans
• New acquisitions costs
• New suicide period
• Guaranteed crediting rates
• Surrender period
• Change for the worst in underwriting status

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Reasons to consider exchanging a policy

• Secondary guarantees universal life products
  with death benefit guarantees
• Lower mortality rates all products are now on
  2001 CSO tables
• More competitive plans
• Preferred/Special underwriting
• Extended maturity dates

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Step 3 Evaluate and analyze

• Rocky Mountain Insurance Network will
• Obtain any information needed on the current in
  force policies
• Run current illustrations and compare all options
• Do a Complete Policy Review and make appropriate
  recommendations
• Provide you with the details and information you
  need to follow up with your client

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Step 4 Present meaningful solutions

• Now, you know your customers life insurance
  coverage inside and out
• Your recommendation may be as simple as changing
  a beneficiary
• Or, through the Complete Policy Review completed
  by RMIN, you now have better options to present
  to your client for them to consider

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If new policy is recommended

• RMIN will provide you with all applications, etc.
  needed to get started
• RMIN will manage the case from beginning to end
• RMIN pays out the highest street comp available
  no broker haircut on fixed business and your
  appointment is direct with the carrier!!

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Were only a phone call away

• Call us today at [phone] to get started
• Visit our web site at www.rmin-insurance.com
  today.
• In Business For Yourself, Not By Yourself