Policy Review—A $12 Trillion1 Opportunity
Using the Life Insurance Policy Review to Help Grow Your Business
Why Now?
Prospecting
Here are the top 3 opportunities in policy review:
Existing Policyowners
Have they outgrown their coverage?
High Income Earners
Are they overlooking tax efficiencies?
Couples Age 45+
Are they at risk for insufficient coverage?
And what to look for:
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Major life events such as marriages, births, or deaths in the family
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Increasing cost of insurance or other policy charges
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Lowering current interest crediting rates
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Underwriting changes such as process efficiencies and new mortality assumptions
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Carrier financial stability downgrades
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Life insurance industry and product developments
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Federal or state tax law changes
This list is not exhaustive, but we can help you find policy review opportunities in your current book of business.
Next-Level Prospecting
Are you leaving life insurance opportunities on the table?
Step-by-Step Process
We have tools and resources to help you every step of the way.
Prepare for the client meeting.
Get copies of your client's current life insurance policies and run inforce and as-issued illustrations in mere minutes with Pacific Life's Planned Performance Tracking (PPT).
Meet with the client.
Use our field guide to help you ask the right questions and uncover the opportunities in your client's policy review.
Calculate the client's life insurance need.
Put together a recommendation for the client using information gathered from the client meeting. A good way to start is by calculating the client's life insurance need—use our calculator for help.
Prepare a compelling recommendation.
Take a look at our competitive products and use one that fits your client's needs and goals.
Present your recommendation.
Request a meeting to get help from Pacific Life experts—from case design to advanced designs—in delivering a compelling recommendation.
Take the Next Step
Need help? Leverage our expertise and resources.
Life Insurance Checkup Field Guide
Life Changes fast. Help ensure your clients' death benefit protection keeps pace.
Policy Review Conversation Starter
Use this handy client worksheet to help start the policy review conversation.
1 "Industry Associations Unite to Help Address the Life Insurance Coverage Gap in the United States," LIMRA, February 1, 2021. LIMRA estimates there are 60 million households with an average coverage gap of $200,000 for a total market need of $12 trillion.
2 2023 Insurance Barometer Study, LIMRA, April 2023.
The primary purpose of life insurance is to provide death benefit protection in the event of the insured's death.
Pacific Life, its affiliates, their distributors and respective representatives do not provide tax, accounting or legal advice. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor or attorney.
Insurance products and their guarantees, including optional benefits and any crediting rates, are backed by the financial strength and claims-paying ability of the issuing insurance company. Look to the strength of the insurnace company with regard to such guarantees because these guarantees are not backed by the independent broker/dealers, insurance agencies, or their affiliates from which products are purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims-paying ability of the issuing company.