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?”
© 2018 Ash Brokerage LLC.