Change is an inevitability. As your clients move through the stages of their lives, their relationships, circumstances, and perspectives will invariably shift. The question is, does the life insurance policy they had drafted up in their thirties line up with where they find themselves in their sixties?Let’s face it: your client is past overdue for a policy appraisal—so we’re here to set you up with one.
Benefits of Considering a Life Insurance Appraisal
Through a policy appraisal, you can help your clients pinpoint strengths, eliminate weaknesses, and identify opportunities that their current policy doesn’t address.In most cases, their needs will have evolved from simple income replacement to a more diverse set of objectives:
retirement income
long-term care protection
wealth transfer.
By addressing these new concerns, you can provide them with better protection for their loved ones, and better peace of mind for them.
Client Profile
What makes an ideal client for a life insurance appraisal? Here are a few qualities to look out for:
Policy is inforce for at least 5 years, and has a high or low death benefit relative to client’s net worth
Client has faced a major recent life event
Changes have occurred in state or federal tax law
Policy was purchased as part of an irrevocable life insurance trust (ILIT)
Conversation Starters
What was the original purpose of your coverage? Does this purpose still exist, or has it changed?
Do you feel your current amount of coverage is appropriate?
Have you undergone any major life changes since you initially obtained coverage?
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