The holidays present an opportunity for advisors to re-engage clients about their policies. Here are five more times when you should be taking action.
As 2014 winds to a close it presents brokers an opportunity to talk to clients and re-evaluate their insurance policies.
With some advisors handling so many different clients it can be difficult to keep track of all the minutiae going on in clients’ lives. But a quick phone call can reveal events that are an opportunity to reopen a policy.
Here are five reasons to discuss a client’s life policy:
Births, deaths, divorces and marriages
Whenever there is a significant life event clients may have the impetus to make changes. These events usually shift their finances making it an opportune time to review their life insurance coverage.
Change in financial situation
When a client loses their job they can lose their coverage as well. They might need more insurance now but not be able to keep up the premiums on the existing coverage. Suggesting a switch from whole life insurance to term can help clients get the insurance they need, while also cutting premiums.
Retirement
Depending on how well clients have prepared for retirement, they may not have enough or could have more money than they thought. Depending on the situation people might need less life insurance or actually need more. Either way it’s a good opportunity to talk.
Tax-law changes
Laws change slowly but everything changes over time. Changes in estate taxes, for example, offer a great reason to talk to clients about the options life insurance offers.
Every two years
It can be good practice to follow up with clients to gauge where they are in their lives. There might be an opportunity to reopen their policy.
With some advisors handling so many different clients it can be difficult to keep track of all the minutiae going on in clients’ lives. But a quick phone call can reveal events that are an opportunity to reopen a policy.
Here are five reasons to discuss a client’s life policy:
Births, deaths, divorces and marriages
Whenever there is a significant life event clients may have the impetus to make changes. These events usually shift their finances making it an opportune time to review their life insurance coverage.
Change in financial situation
When a client loses their job they can lose their coverage as well. They might need more insurance now but not be able to keep up the premiums on the existing coverage. Suggesting a switch from whole life insurance to term can help clients get the insurance they need, while also cutting premiums.
Retirement
Depending on how well clients have prepared for retirement, they may not have enough or could have more money than they thought. Depending on the situation people might need less life insurance or actually need more. Either way it’s a good opportunity to talk.
Tax-law changes
Laws change slowly but everything changes over time. Changes in estate taxes, for example, offer a great reason to talk to clients about the options life insurance offers.
Every two years
It can be good practice to follow up with clients to gauge where they are in their lives. There might be an opportunity to reopen their policy.
