Policy Review (1)

Why We Need Annual Policy Reviews

The book of business you have been entrusted to take care of is your best chance for success.  Taking the time annually to review your cases and meet with your clients enables you to better serve your customer.

In the life insurance arena, it is imperative that the agent completes annual reviews because the financial needs of a family or individual can change quickly.  By taking the time to meet with a client and review any changes, an agent can quickly uncover opportunities to better serve the client.

An agent could discover a need for a new policy or need to increase or decrease any existing policies.  It also allows the client an opportunity to review current beneficiaries, bank accounts, etc.  The annual contact with a client allows the agent to strengthen the relationship, which could also lead to client referrals.

While all of this if beneficial to the agent, the client will benefit by ensuring he or she has a policy that will truly benefit their family.  Changes throughout the course of a year could include:

  1. Health improvements, including quitting smoking, that may allow for a better rating
  2. Birth of a child or home purchase that may change the coverage needed
  3. A decline in health that may affect insurability, which may require a term conversion without any medical underwriting

While it is important to continue to pursue new clients, agents may overlook the customers already in their book of business.  By continuing to foster the relationship with a client, the client puts trust in the agent for their financial future.

Written by Kathy Butler

Photo by Helloquence on Unsplash

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