Life insurance may well be one of the largest assets in your client’s estate, and there may also
be policies in the client’s life owned outside of the estate, such as in a trust or by a corporation. Generally, it is an asset that is not evaluated, reviewed, or analyzed on a consistent and comprehensive basis. That being said, the life insurance industry has undergone a transformation in the past decade. Currently, lower morality charges and other cost efficiencies have created new life insurance products that may provide a greater value to the consumer.
Conducting a Personal Policy Review represents a great opportunity to visit with your clients. In addition to the numerous changes in our industry, interest rates have been historically low and the equity markets have preformed below their historic norms. With all the changes just mentioned, your clients’ permanent life insurance coverage should be reviewed to make sure the policy(ies) are performing in a cost-efficient manner and have remained consistent in helping your clients achieve their overall planning goals and objectives.
Provada has created a turnkey package to help you provide a policy review for your clients. We provide everything you need including sample letters introducing the concept to clients and other advisors, as well as a review template. For advisors who wish to outsource the completion of a policy review, please send us the completed materials (available in our Tools section) or contact us for more information.
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