Posted on September 7th, 2017

If you’ve worked with The Cason Group for very long, you’ve likely read multiple blog posts on the importance of policy reviews. This is often one of the most overlooked aspects of the life insurance industry and one that most advisors do not take the time to do.  When they are done, though, the low hanging fruit that most advisors are looking for are one of two things:

  • Term policies that are expiring and either need to be replaced or converted.
  • Old cash value policies that were not designed well and/or are not performing well and need to be “rescued.”

What often gets overlooked are the changes in the client’s life in the 5, 10, 15 or 20 years since a thorough review was done – changes that affect the insurance need that they have or the goals they have for their risk management. These changes may require adjustments to their risk management plan that have nothing to do with the two scenarios above.

For instance, have two business partners added a third partner or changed their business plan to where their buy-sell funding strategy needs to be adjusted?  Has your client incurred a long term care expense or had another change in his or her monthly finances that makes the current premium an unbearable burden? Has your client’s cash value policy performed very well, but his or her primary focus has shifted to the legacy they are going to leave their children, rather than growing cash? Is your client currently dealing with an aging parent’s long term care expenses and seeing the very real benefit of revisiting a conversation they put off with a previous advisor?

September is Life Insurance Awareness Month, so it can be a great time to make sure that you’re having these conversations with your clients. I would imagine you can think of at least one similar conversation you have had recently with a client, even if you do not currently write his or her life insurance. We would be happy to help you think through what that next conversation could look like and how you may be able to help your client and their changing need.

Need help with client policy reviews? Contact your Cason Group Financial Services Sales Representative.

  • Graham Ashe
    Sales Representative, Financial Services: NC
    Financial Services Sales Representatives Individual Operations

    Graham, a UNC-Chapel Hill graduate, joined The Cason Group in 2016. He works with advisors selling individual life and individual disability insurance products in North Carolina.

    Connect with Graham on LinkedIn

    grahamashe@thecasongroup.com