Help customers revalue their life insurance policies and other news

Published by
Peter Kavinsky

What do you need to know

  • COVID-19 taught everyone a lesson about the importance of protection.
  • Too many of your clients may still make former spouses their primary beneficiaries.
  • Many other life changes can change your coverage needs.

The adverse effects of the pandemic have made many people increasingly concerned about their mortality, as reflected in a LIMRA study showing that 31% of Americans are now more likely to purchase life insurance.

Whether your customers decided to purchase a policy within the last few years or did so before COVID-19, September is Life Insurance Awareness Month and provides a great opportunity to review and potentially update those documents.

I believe there are four key considerations that financial advisors should be guided by when conducting life insurance policy reviews on behalf of their clients:

1. Identify any life changes.

Significant life changes after purchasing a policy can significantly affect your client’s insurance needs.

Do they have:

  • Become a parent?
  • Were there additional children?
  • Got a new mortgage?
  • Have you changed jobs?
  • Married or divorced?
  • Have you noticed a change in your health?
  • Become a breadwinner/guardian for a parent or other family member?

Such changes should be evaluated to determine if the current policy is appropriate.

Ironically, about once a month, my firm discovers that the client’s life insurance policy still lists the ex-spouse as the primary beneficiary.

Warning the client about this situation is often highly valued, not only by the client, but possibly by their current spouse as well.

2. Evaluate the current policy,

Even when a policy has been purchased relatively recently, many policyholders don’t have a clear idea of ​​what it entails, so I recommend looking into these details carefully.

In addition to information about the beneficiary, consultants should check whether the policy is urgent or permanent, and what variables affect the policy.

Another important aspect is that the policy has an updated current illustration.

If the policy is guaranteed permanent or temporary coverage, it will look exactly the same as when the customer bought it.

But if there are variables, what risks have the client assumed and what risks have been transferred to the insurance company?

Understanding whether a policy is healthy or needs more funding can be very helpful for financial planning.

3. Make sure the insurance company is right.

In addition to the policy itself, the insurance company providing it must also meet the needs of the client, and the re-evaluation process may show that it would be wise to change providers.

There are many insurance companies out there, each offering potential pros and cons.

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