With ongoing changes happening in our lives, a Life Insurance Policy Review (LIPR) has become a great topic to engage both your clients and your prospects to see if their current life insurance still covers their needs. Some clients think they know what they own, but the unfortunate truth is clients often don’t know what type of policy they own and what features the policy provides.

A common complaint from consumers is their agent did not follow up or stay in touch after delivering their life insurance policy. The need for ongoing policy reviews exists, and the public wants their agents’ help. This conversation provides a great opportunity to help them keep their coverage consistent with their goals.

You understand the value of knowing what your clients really care about in their lives. It is equally important for you to be informed when changes occur in their family, career, or finances. You can also perform the LIPR for your clients’ businesses with concepts such as key person insurance, executive bonus, or disability insurance.

Part of your ongoing due diligence involves assessing the impact these changes may have in achieving client goals and, if necessary, recommending adjustments to their strategies to keep them on track. Your proactive reviews alone can help deepen relationships, even when the result is to just stay the course.

A LIPR also keeps the communication flowing between you and your clients at least once a year, which could help you protect your clients from other agent sales pitches. You want to protect your Book of Business and your clients from the competition, right?

Getting Started

AIP Marketing Alliance has developed a three-part whitepaper on the Life Insurance Policy Review process to help guide newer agents or refresh experienced agents on how to position the LIPR with clients or prospects. Our team has broken down the steps into three main parts.

1. Why You Should Conduct Life Insurance Policy Reviews
2. How to Conduct Life Insurance Policy Reviews
3. How to Market and Promote Life Insurance Policy Reviews

These modules will guide you through the LIPR steps as well as provide you with resources ranging from sample forms to social media graphics to email marketing platforms. AIP Marketing Alliance’s marketing team can also provide you with sample emails and life insurance graphics to get you started.

You never know when your clients or prospects may need to change their life insurance policy – and even if they can change based on what type of life insurance they purchased and when they purchased the policy. Checking in with your customers doesn’t hurt and may add those extra layers of protection they need due to a life event or other needs for life insurance (college, funeral, new baby, divorce, etc.).

Contact AIPMA’s Business Development team at (800) 783-5206 Press #2 or marketing@aipma.com. They can discuss ways to position the Life Insurance Policy Review with customers and send you electronic versions of our LIPR whitepapers for your use.