Life Policy Reviews: The Why, Who, and How

Could offering portfolio analyses be the missing piece to your practice? A complimentary life insurance policy review is a great way to connect with more people and delight current clients. It provides value to your client, but make sure to always keep in mind the overall goal of the portfolio analysis: to find the best policy for the right reasons. 

Ideally, policy reviews should happen once a year, but this may be difficult if you’re an agent with an extensive book of business. One of the easiest ways to begin adding this important service to your current practice is to schedule an appointment once you receive an annual statement. In a situation where you were not the original writing agent on a client’s policy, you’ll need your client’s most recent statement or in-force illustration to conduct the policy review with them.


With a new client, the best time to conduct a policy review is when you’re sitting with them and assessing their needs. A perfect leading question can be, “Do you currently have any life insurance and are you still paying premiums?”

There are instances when a client can get the same, or more, death benefit without paying any additional premiums, and there are also times when adding LTC/chronic illness riders was the change that your client may have felt most comfortable pursuing. So, it’s important to know the reasons why your client has life insurance. Their needs may have changed since the inception of their current policies, and if so, you could help them adjust their policies based on these changing needs.

Here are a few reasons people have life insurance:

  • To cover final expenses
  • Grow cash
  • Income
  • Leave inheritance
  • Coverage for a child with a disability
  • Tax benefits
  • Long-Term Care expense coverage

Some factors that would affect someone’s life insurance needs are changes in:

  • Retirement
  • Income
  • Health
  • Tobacco usage
  • Family size
  • Mortgage: paid off or new home with an increased mortgage
  • Beneficiaries that need updating

 In order to discuss your client’s options, the following information about them is necessary:

  • Name of client
  • Date of birth
  • State of issue
  • Smoking status
  • General health information (if there are any significant health impairments we need to address from the start)
  • What is the current death benefit?
  • What is the client paying for premium?
  • What is the cash value of their current policy or policies?

Offering your clients an annual review emphasizes to them that you have their best interests in mind. It can also remind the client of the importance of life insurance as part of their overall financial plan and encourages them to evaluate whether their current policy still serves their goals.

Give me a call once you’ve outlined the information and I will make the process of evaluating the options as easy as possible. Sometimes what your client already has is the best they’re going to get, and you can reinforce that. Other times, we can offer options that fit their current needs in an efficient way.

Now that you've identified the missing piece in your practice, check out our life insurance portfolio analysis workbook to get the most out of your policy reviews! 

If you'd like to learn more about life insurance - attend our upcoming Life Academy!

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Cynthia Callis - National Sales Consultant

Cynthia Callis has been an award-winning insurance wholesaler for 15 years. She has worked all across the country partnering with agents and financial advisors to find workable, revenue producing solutions that best meet their clients’ insurance needs. She blends a consultative sales approach and disciplined business knowledge with a deep grasp of insurance solutions. She has earned the trust of her agents and is viewed as a valued business collaborator.

* This content is for licensed financial professional use only. This website is not intended for use by the general public.

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