Protection Products

Plants and Policies: A little care goes a long way


Protection

 

Editor’s Note: Because the need for regular insurance policy reviews never goes away, we decided to re-publish this post from 2015. When you’re done reading, be sure to water your plants – then go review your clients’ coverage. 

 

It’s that time of year again! Houseplant Appreciation Day (celebrated Jan. 10) is finally upon us. It’s hard to believe it’s already been a year since we last took the time to celebrate the bond between man and shrub.

Houseplants offer many benefits: They filter our air, look great and can even reduce stress. As we all know, constant time, attention and care are all required to successfully tend to our green friends. Many of us are more than up to the task. 

Why then, do we neglect to care for one of our clients’ most important financial instruments: their life insurance?

Most financial professionals agree that a client’s life insurance holding should be reviewed every couple of years, or after any major life event (marriage, birth of a child, new job, retirement, etc.) If your clients own any form of cash value life insurance, reviewing the coverage regularly is even more important. Unfortunately, this rarely happens. 

Maybe it’s lack of insurance knowledge that keeps us from contacting our clients. Maybe we want to avoid the image of the “salesman.” Maybe we don’t even know who to ask for help. Whatever the reason, our Life Insurance Portfolio Analysis (LIPA) team can help you care for your clients’ policies and keep them from “wilting.” 

The Ash LIPA team is a dedicated group of people who specialize in the review of in-force life insurance. With a signed authorization from the policy owner or trustee, and a couple other items, they can order information from the issuing insurance company to “stress test” the health and viability of any insurance policy. 

After the in-force policy performance has been reviewed, the team can look at the marketplace today and determine if there are any potential improvements to be made. The life insurance industry is a fluid marketplace; products are constantly changing and evolving, just as your houseplants are constantly growing!

All joking aside, as financial professionals, life insurance review is critical for our clients. The consequences of a poorly managed policy can be devastating.  

So, on this Houseplant Appreciation Day, as you take time to celebrate the indoor flora in your life (or not) at least remember this: Your clients’ policies are like your houseplants – they don’t require a lot of upkeep, but they do require regular attention if you want them to thrive. 


About the Author

As part of the LIPA team at Ash Brokerage, Scott Behrendsen’s goal is to not only ensure clients have the best possible protection, but to also present the planning strategies and concepts in a concise format that’s easy to understand. He’s been in the insurance industry for 10 years, working in annuities, broker-dealer operations, and health insurance before joining Ash Brokerage. He has an extensive background in life insurance case design and advanced strategies. He’s currently pursuing an MBA in marketing.

 

LIPA portfolio analysis policy review life insurance

Not So Much the ‘What’ But the ‘Why’


Protection

Every year, we review more than 1,000 existing life insurance policies with our Life Insurance Portfolio Analysis. Most of our time is spent understanding the “what” of life insurance, and rightfully so. Families, businesses and charities depend on the “what” of these policies. People need to understand how their policy works, how long it lasts, how much to pay and when, etc. 

So the “what” is critical, but it’s not the whole story. In fact, our entire analysis means very little without the “why.” Life insurance is an incredible tool that can solve a multitude of issues, but if you don’t know why you have such an asset, it has little perceived value. 

When we review policies, we need to better understand why the original policy was purchased, what purpose it served at that time and what purpose it can serve today. Reviewing a policy means very little without considering what is important to the family it is intended to serve. A needs analysis can be done, but you have to ask how it fits with your clients’ hopes, plans for the future and desires for the most important people in their lives.

Really, the “why” can be summed up with one question: “Who’s counting on you?"

Put it in practice: Think of a few clients who have existing life insurance coverage and ask if they would be willing to review the coverage. Then ask the question, “Who’s counting on you?” 

 

LIPA Portfolio Analysis

Water Your Plants, and Then Review Your Clients’ Coverage


Protection

It’s that time of year again! Houseplant Appreciation Day (celebrated Jan. 10) is finally upon us. It’s hard to believe it’s already been a year since we last took the time to celebrate the bond between man and shrub.

Houseplants offer many benefits: They filter our air, look great and can even reduce stress. As we all know, constant time, attention and care are all required to successfully tend to our green friends. Many of us are more than up to the task. 

Why then, do we neglect to care for one of our clients’ most important financial instruments: their life insurance?

Most financial professionals agree that a client’s life insurance holding should be reviewed every couple of years, or after any major life event (marriage, birth of a child, new job, retirement, etc.) If your clients own any form of cash value life insurance, reviewing the coverage regularly is even more important. Unfortunately, this rarely happens. 

Maybe it’s lack of insurance knowledge that keeps us from contacting our clients. Maybe we want to avoid the image of the “salesman.” Maybe we don’t even know who to ask for help. Whatever the reason, Ash Brokerage has the solution: our Life Insurance Portfolio Analysis (LIPA) team!

The LIPA team is a dedicated group of people who specialize in the review of in-force life insurance. With a signed authorization from the policy owner or trustee, and a couple other items, they can order information from the issuing insurance company to “stress test” the health and viability of any insurance policy. 

After the in-force policy performance has been reviewed, the team can look at the marketplace today and determine if there are any potential improvements to be made. The life insurance industry is a fluid marketplace; products are constantly changing and evolving, just as your houseplants are constantly growing!

All joking aside, as a financial professional, understanding the need for life insurance review is critical. The consequences of a poorly managed policy can be devastating.  

As you take time to celebrate the indoor flora in your life (or not) on this Houseplant Appreciation Day, at least remember this: You have a dedicated team at Ash Brokerage that is waiting to help take the pain out of life insurance review. Our goal is to be objective, efficient, and make you look like a professional. Call the team today for marketing materials, sample outputs or to simply learn more about the process!

 

LIPA Portfolio Analysis Life Insurance