Life insurance policies, like all other financial products, require ongoing attention to help ensure they are still meeting a client’s financial goals. Due to significant changes in their lives and the insurance marketplace, it is imperative existing coverage be professionally reviewed on a regular basis. Regular policy reviews can also be an effective way to deepen relationships with new and existing clients. By incorporating a systematic process, you can solidify your role as their advisor of choice, gather additional assets under management, and build connections with beneficiaries. When it comes to growing your practice, policy reviews can help you increase and diversify your revenue through a higher level of client service.

$112,000,000,000 billion in life insurance benefits lapses each year

Americans aged 65 and older give up about $112 billion in life insurance benefits each year, either by surrendering their policies or by simply letting them lapse, resulting in the policies being terminated.