Policy Review Sales Idea Overview

Periodic life insurance policy reviews are an important part of your client’s continued financial protection. Have your
client’s needs changed since purchasing the policy? Is the policy still performing according to expectations – and
meeting financial goals? A policy review can help improve your client relationship and grow your business.

Many factors may impact a client’s policy, such as:

• Lifestyle change – Life changes, such as birth of child or grandchild, divorce, change of job…etc., may all im-
pact life insurance coverage needs.
• Interest Crediting Rates – Market volatility may have impacted interest rates on life insurance policies and may
cause policies to perform outside of original expectations.
• Underfunded Policies – Polices that were underfunded may result in longer payment periods and higher than
expected premiums.
• Loans, withdrawals, or other policy changes – All of these items may affect the policy’s overall performance.
• Company financial strength – A policy review provides the opportunity to ensure a company’s financial stability.
Who do you know…
• Who purchased a life insurance policy over three years ago, but hasn’t reviewed the policy or the reason they
purchased the coverage?
• Who had a significant life change and may need to re-evaluate their current needs and goals?
• Whose health may have changed? (For instance, they stopped smoking or lost weight.)
…then a Policy Review may be a good option for them.

Please list the names of three clients who fit the above profile and whom you would like to help meet their life
insurance needs and financial goals.
Name Telephone

1. ___________________________________________ ______________________________

2. ___________________________________________ ______________________________

3. ___________________________________________ ______________________________

________________________________________________________________________________
Referred by Telephone

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 <Date>

<First Name> <Last Name>

<Address 1>
<Address 2>
<Address 3>

Dear <First Name>

Providing continued service to clients like you is very important to me and I take great pride in
implementing strategies that can help you reach your long-term goals. With this in mind,
I would like to conduct a life insurance review of your current policies.

Life insurance policies need periodic review to ensure that the policy is still performing according to
expectations – and meeting your financial needs. It may also be that you’ve experienced a significant
life changing event and your life insurance needs may not be the same as when you bought the policy.

With a life insurance review, we analyze your current coverage, review current needs and evaluate
what changes, if any, should be made. This process will provide you the information you need to
make an informed decision. As a result of a life insurance review you may:
• Save money by reducing premium payments
• Pay the same premium for an increased death benefit
• Save the policy from lapsing
• Guarantee death benefits for a lifetime
• Confirm company stability
• Adjust coverage to keep pace with your ever-changing needs

I would like to discuss more details about this important step in ensuring your financial protection is
on track. I will call you in the next week to schedule a time to begin the process, meanwhile please
contact me with any questions.

Sincerely,
<Your Name>
<Phone>
<Email>

This representative is an independent agent contracted with Midland National.

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 Client Telephone Script

Hello (client name), this is (your name). The purpose of my call today is to discuss scheduling a time for us to
review your current life insurance plan. I’ve helped many clients feel confident that they have the right coverage
in place and many times save them money in the process.

This will be a brief meeting to collect some initial information. Are you available to meet on (date) at (time).

13312 FOR AGENT USE ONLY. NOT TO BE USED FOR CONSUMER SOLICITATION PURPOSES. Rev. 11/10
 The Process

Use this simple and efficient process to conduct a life insurance policy review.

Communicate
It is important to communicate the value of periodic policy reviews to your clients. Use the Policy Review
Sales Idea Overview to identify the appropriate clients. Use the sample letter and telephone script we’ve pro-
vided to remind your clients of this significant financial practice and set up a time to meet with them.
Supporting materials
• Sales Idea Overview
• Client Letter
• Sample Telephone Script
• Client Flyer

Review
This step includes gathering information necessary to conduct the policy review. Take the client through the
Family Needs Analysis to determine how his or her needs may have changed. Help your client request any
in-force policy information.
Supporting materials
• Family Needs Analysis Worksheet
• Client Flyer (as leave behind)

Evaluate
After receiving in-force policy information, compare and analyze information, death benefits,
guarantees and other features. Here are a few questions to ask yourself as you evaluate:
• Can the client retain the same coverage, but at a lower cost?
• Is there a policy that offers more coverage for the same amount?
• Is the death benefit enough, too much or just right?
Based on the information, fill in the Policy Evaluation Report. This will allow you and your client to see his or
her current coverage and future recommendations.
Supporting materials
• Policy Evaluation Report sheet
• Client Flyer (as cover letter)

Determine
Determine if your client’s current coverage meets his or her needs. If not, make recommendations confidently
and help the client make an informed decision for the future.

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 Policy Performance & Evaluation Report

Prepared for:
Client Name_________________________________________________

Age______________________ Underwriting Class___________________________________________

Current In-force Policy

Carrier’s Name________________________________________________Type of policy____________________________
Policy #___________________________________________ Policy issue date___________________________________
Total Death Benefit $______________________________________
Annual Premium $______________________________________

Values as of __________________(Insert date)

Total Death Benefit $______________________________________

Account Value $______________________________________

– Surrender Charge $______________________________________

Cash Surrender Value $______________________________________

Performance Evaluation
Funding Premium Outlay Death Benefit Projected
Option Annualized Years Total Guaranteed to to
In-force A $______________ ______ $__________________ Age _____ Age _____
$______________ ______
In-force B $______________ ______ $__________________ Age _____ Age _____
$______________ ______

Proposed Alternatives (Insert new carrier name, new policy description)

____________________________________________________
Funding 1035 Premium Outlay Death Benefit Projected
Option Exchange Annualized Years Total Guaranteed to to
Proposed A ________ $______________ ______ $__________________ Age _____ Age _____
$______________ ______
Proposed B ________ $______________ ______ $__________________ Age _____ Age _____
$______________ ______

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 A life insurance policy review is an important step in achieving your long-term goals.

You chose your current life insurance policy because it best suited your
needs at the time, but have those needs changed? Is your policy still
performing according to expectations – and meeting your current needs?

A regular life insurance review can help ensure your objectives are still
being met. And if they’re not being met, you can make the appropriate
changes to meet your current and future needs.

The review of your life insurance policy/policies may help you:

• Save money by reducing premium payments
Today’s life insurance products are more efficient than ever and new
product developments may create money-saving opportunities for your
policy.

• Pay the same premium for an increased death benefit

Longer life expectancies and more effective products may lead to more
protection for the same premium.

• Save the policy from lapsing

Your policy may be at risk of lapsing and you may not even know it.
A life insurance review can stop a policy from lapsing and help you
maintain the appropriate amount of protection for your situation.

• Confirm company stability

In today’s economy, the financial strength and stability of your life
insurance provider is more important than ever. Recent adjustments
in carrier financial stability provide an opportunity for examination.

• Adjust coverage to keep pace with your ever-changing needs

Change is constant. Life changing events include birth of children or
grandchildren, marriage, death, divorce, change in job status…etc.
All of these changes may affect your life insurance needs and therefore
require review of current and future goals.

mnlife.com

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