It can be a daunting task to keep up with your in-force policies, especially when it comes to performing annual reviews.
That’s no reason to skip annual reviews. If you aren’t performing them, you are missing out on an opportunity to resell or cross sell products to generate more revenue.
Bridge coverage gap to push business forward
In 2016, LIMRA’s Life Insurance Needs model estimated that 48 percent of U.S. households lack adequate life insurance coverage to meet their needs in an emergency. When surveying households with children under 18:
- Four in 10 respondents said they would be in immediate financial trouble if the primary wage earner died.
- Another three out of 10 estimated their basic needs would not be covered after only a few months.
Many households do not purchase or review their life insurance because they are uninformed, or they simply fail to realize the value of working consistently with a financial advisor.
More than half of the respondents to LIMRA’s survey said they would be inclined to buy or increase their coverage if approached by a trusted financial advisor. So why aren’t agents knocking down their doors?
Your clients look to you for recommendations on how they can best care for themselves and their families. (Photo: iStock)