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Helping your clients get Policy Audits

Accountants, attorneys, coaches, and other financial advsiers frequently ask me for ways to connect with their clients about life insurance. The product is the foundation of financial security. What is a professional and effective way to make sure coverage is exactly what it needs to be?

The key is a policy audit. Your clients go the doctor for an annual exam, and bring their cars to the mechanic for a check up. They should do the same type of review of their life insurance, on a regular basis. Here is a summary of what a Policy Audit can do for your clients, and a sample letter advisory firms use to set one up with their clients:

Dear Client,

I am pleased to announce that I am now sponsoring life insurance audits for all my clients. If not properly monitored, policies can trigger major expenses and liabilities. A regular “policy check up” can nip such problems in the bud.

The Firm of Steven H Kobrin, LUTCF, has been engaged to conduct the audit. They are a national, independent life insurance brokerage based in New Jersey, and service clients in all states. They have over 30 years of policy audit experience, and are experts in life insurance prequalification and risk assessment.

The six major components of the audit are listed below. If you feel you would benefit, please reach out to me and I will arrange for a representative to contact you. The audit will be conducted promptly, professionally, and at no charge to you.

Thank you so much for your time and consideration.

For additional information on the Firm of Steven H. Kobrin, LUTCF, click here:

For additional information on Policy Audits, click here:

The six major components of a life insurance policy audit:

  1. Do you have enough coverage?
    Have circumstances changed in your life since you first purchased the policy? Do you have a need for additional coverage? Higher income, a new home, or an expanding family may create the need for more coverage.
  2. Is your premium guaranteed for as long as you need?
    For how many more years are the face amount and premium guaranteed? Is this enough time, or will you need coverage beyond that point? If you need additional coverage, you’ll want to plan ahead to avoid steep premium increases.
  3. Is the rate you are paying still competitive?
    Are lower rates available, either for the short-term or the long-term? Has your medical condition or lifestyle changed in such a way that you would qualify for a lower premium?
  4. Do you still have the most appropriate product?
    Is the existing insurance policy still appropriate? Or would alternative products such as term, universal life, or whole life provide more value?
  5. Are your owner and beneficiary designations correct?
    Are the original designations still relevant? Or have changes taken place regarding your family, business, and estate that call for amendments to the policy? If your children have become of legal age, a beneficiary change may be appropriate.
  6. Should you hold a policy on your spouse, kids, or business partner?
    Does your spouse have enough coverage? Is it time to start policies on your children? How about life insurance on your business partner and key executives to protect your business interests?