Second opinions. Checkups. We all need them at some point. In any industry with personalized professional service, a second opinion or check-up is a valuable way to ensure progress and uncover any potential missed opportunities. For an agent or advisor, not only is a policy review part of reinforcing the quality of services to a client, but it may also present additional business.
Policy Review With Existing Clients
If you created a long-term financial plan for a client, it is your duty to make sure their financial needs are still being met and everything is still on target. So much can change over the course of one’s life before retirement or death. A client could experience a major life event, like a birth, death, marriage, or divorce. Any of these events could shift their financial priorities. During the excitement or chaos of these life events, they may not consider how their overall financial plan will be impacted.
On top of a regular performance review, check with your clients about how their life is going and what their continued needs may be. In addition to maintaining a good client relationship and leading to other sales opportunities, this prevents other advisors snaking away your client, through the strategy discussed below.
Using Policy Review as Prospecting and Marketing Tool
In the course of prospecting for clients and trying to convert leads, you undoubtedly will encounter individuals that already have a financial plan or life insurance solution in place. While this can seem like a barrier, this is still a great opportunity.
By offering free policy reviews and second opinions you are providing a potential client with an important service, especially if significant time has elapsed since they last spoke to their original advisor or agent. The benefit for you is that you may find a better deal for the prospect and win their business, especially if you handle this interaction with integrity and professionalism.
Be ethical and honest. If the client’s original advisor or agent crafted an appropriate policy structure, acknowledge it and mention other services or specialties you may have to offer. Being transparent and providing honest evaluations will earn you esteem, even if you’re unable to earn their business at this time.
Ask Probing Questions
If you do encounter a lead that already financial plan or life insurance solution, ask them several probing questions like:
- When was the last time you or your agent or advisor checked on your plan?
- Have your needs changed?
- Are you getting the most from your life insurance policy or financial plan?
- Have your retirement goals changed since created your current plan or purchased your current policy?
The important thing is to keep the conversation going. You can (and should) actively seek out policy review clients through mailers, letters, and e-blast offering a free policy review.
Policy Review Resources
Are you interested in enhancing your policy review efforts? Be sure to claim our 2020 Policy Review Kit which contains:
- Phone Scripts
- Prospecting Letters
- Email Templates
- Social Posts and Image Cards
- Forms and Tools
- Sharable Articles
This kit is great for both life insurance focused and annuity focused advisors. To get your free 2020 Policy Review Kit, call our marketing team at (800) 255-5055 or click here.
