Life Insurance Review

1. Life Insurance Review

2. Reviewing Life Insurance Policies • Your customers should look to you when it comes to their life insurance coverage. After all, you’re the expert. • So when you take the initiative and review your customers’ policies every one to two years, it’s an opportunity for you to build loyalty and increase your business.

3. What you gain • A chance to prove your interest and knowledge to your customers • Loyalty that can last for years – even to the next generation • The opportunity to build your business with existing customers • Cross-selling opportunities • Explicit and enthusiastic referrals

4. What your customers gain • The chance to consider the changes in their lives and financial situations • The opportunity to adjust their life insurance coverage, or opt to keep their current policy • Peace of mind, knowing they have proper policies that will take care of their loved ones

5. Building on your current customer base can be simple • During these economic times, it’s easy for people to overlook the purchase of new life insurance polices. However, people who already own policies understand that fixed life insurance is still a solid, stable investment. That’s why working with your current customers is an essential part of building your business.

6. The insured’s estate is named as beneficiary Failure to name at least two “backup” beneficiaries Failed to check policies at least every 3 years Product does not match the problem The amount of coverage is inadequate for current goals Policy proceeds are payable outright to minor children or grandchildren All the insurance is owned by the insured No investigation to see if the insured’s business can provide insurance on a more cost- or tax-efficient basis Forgot that term insurance (including group term coverage) will self-terminate or become prohibitively expensive to carry Insurance has been purchased or treated as a commodity Ten most common life insurance mistakes

7. Your plan is already in place • A life insurance review is simple when you follow these four steps • Get in touch • Have a conversation • Evaluate and analyze • Present meaningful solutions

8. Rocky Mountain Insurance Network’s Program • We have developed a “Professional Life Insurance Management Program” • This program was set up to make the policy review process as easy as possible for you and your clients • We will assist you in completing the policy review on your clients

9. Professional Life Insurance Management Program includes: • Pre-approach letter – for you to send to your clients • Policy Fact Finder – form used to gather current policy information • Broker Authorization – letter signed by client giving you and RMIN authorization to obtain information on current in force policy • Complete Policy Review – form detailing entire review process and our recommendations

10. Your role Get in touch Have a conversation Complete our Policy Fact Finder form Obtain a Broker Authorization Send above information to RMIN Our role After receiving the Policy Fact Finder and Broker Authorization, we will request an in force ledger from current carrier Do a Complete Policy Review and make a recommendation for you to present to your client Your role vs. RMIN

11. Step 1 – Getting in touch • If you have a close, personal relationship, you could just make a simple phone call and set up an appointment • A pre-approach letter that you can personalize to your clients

12. Step 2 – Have a conversation • What’s going on in your customer’s life? Whether there have been subtle changes or major ones, it’s easy for people to overlook their life insurance policies as their situations change • Income – promoted, laid off, changed job, retired • Family – new birth or adoption, grandchildren, elderly parent • Home – new home, paid off mortgage • Martial status – marriage, divorce • Heath – weight loss, quit smoking • Inflation – if 10, 15 or 20 years old, may no longer be adequate

13. Other conversations that may be helpful • Young customers • Many of them have term insurance, but should they consider a long-term policy? • Middle-aged customers • Are they paying too much for adequate protection for their families? Should they look at polices that will help them build cash value? • Business owners • Are they using their life insurance effectively, by using it to handle continuation plans, benefit plans or key person coverage? • Trustees • Are they exposing themselves to unnecessary liability and legal risk by managing policies that are not their own?

14. During this conversation • Complete a Policy Fact Finder form on your client • Complete a Broker Authorization letter with your client • Send this information to RMIN

15. Reasons to consider maintaining the status quo • New contestable period • Existing loans • New acquisitions costs • New suicide period • Guaranteed crediting rates • Surrender period • Change for the worst in underwriting status

16. Reasons to consider exchanging a policy • Secondary guarantees – universal life products with death benefit guarantees • Lower mortality rates – all products are now on 2001 CSO tables • More competitive plans • Preferred/Special underwriting • Extended maturity dates

17. Step 3 – Evaluate and analyze • Rocky Mountain Insurance Network will • Obtain any information needed on the current in force policies • Run current illustrations and compare all options • Do a Complete Policy Review and make appropriate recommendations • Provide you with the details and information you need to follow up with your client

18. Step 4 – Present meaningful solutions • Now, you know your customer’s life insurance coverage inside and out • Your recommendation may be as simple as changing a beneficiary • Or, through the Complete Policy Review completed by RMIN, you now have better options to present to your client for them to consider

19. If new policy is recommended • RMIN will provide you with all applications, etc. needed to get started • RMIN will manage the case from beginning to end • RMIN pays out the highest street comp available – no broker haircut on fixed business and your appointment is direct with the carrier!!

20. We’re only a phone call away • Call us today at (800) 846-3997 to get started • Visit our web site at www.rmin-insurance.comtoday. • “In Business For Yourself, Not By Yourself”