Policy Analysis & Review (PAR)

Why Conduct a Policy Analysis & Review (PAR)?

Would your client review their mortgage to see if they are getting the best rates? Would they check their stock portfolio and adjust the mix as time goes on? So, why then do so many reps overlook the opportunity to provide a service to their clients and help them maximize their investment in the life insurance market?

When you client purchased their life insurance policy, they invested in a financial plan designed to last a lifetime. However, this lifetime coverage should not be put aside and forgotten. The strength and performance of their life insurance policy is determined by a variety of factors, such as lifestyle changes, family needs and financial goals and industry pricing changes, all which may require modifications to their coverage.

When is it time to review your client's life insurance policy?

The questions below are good indicators as to when you should consider reviewing your client’s policy.

  • When was the last time they reviewed the policy?
  • Does the existing policy still offer enough coverage for their needs?
  • Have their needs (financial, health, lifestyle, etc.) changed since they purchased or last updated their life insurance policy?
  • Are the insurance products they’re currently using still competitive and cost-effective, given recent improvements in product pricing?

What will a Policy Analysis & Review (PAR) do for your client?

  • The policy review will provide them with a detailed analysis of the status of their life insurance policy.
  • The analysis will allow you to review with them the options available with their policy and the advantages and disadvantages of each.
  • The review is provided as a way for you to help your clients make decisions. The review allows you to help your clients to better understand their life insurance policy performance.

What are the components of The Policy Analysis & Review (PAR)?

Once the policy information has been entered into our proprietary software, a report will be generated including the following information:

  • an overview of what and why your client would want to do a Policy Analysis & Review
  • a succinct summary of the policy’s features
  • a brief analysis of the policy’s performance including:
    • alternative options
    • advantages and disadvantages of each option
  • options on how to proceed

 

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