policy review

1. Policy Review
Your life doesn’t stand still. Neither should your coverage.
Date
First Name Last Name
Insert Financial Professional Title
+1 123 456 789
First.Last@aig.com
Policies issued by American General Life Insurance Company and The United States Life Insurance Company in the City of New York,, members of American
International Group, Inc. (AIG).
FOR FINANCIAL PROFESSIONAL USE ONLY – NOT FOR PUBLIC DISTRIBUTION

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The following presentation has been developed and approved for use by authorized producers and
agents of the insurers of American General Life. This presentation must be used with the accompanying
narrative notes which are included in the presentation. Take the following steps to access these notes:
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From the “View” drop down, click “Notes Page”. This will open the presentation with the narrative notes at the
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THIS SLIDE ALONG WITH ANY OTHER INSTRUCTIONAL SLIDES
should be removed before distributing.
Please contact your American General Life representative with additional questions.
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 Reviewing your clients’ policies every few years is an important part of helping
your clients keep their financial strategy intact.
 If their needs or plans have changed, then their policy may need to be
adjusted to fit their new circumstances. They may have too little or too much
insurance for their present situation and future goals.
 Talking with your clients about their financial plans and periodically reviewing
the role that their life insurance policy plays in those plans can make a marked
difference in your clients’ ability to reach their goals.
 Chances are, life is quite different today than when your client purchased their
policy — and likely so are their insurance needs. A systematic policy review is
the best way to ensure their coverage continues to keep pace with their
needs.
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Policy Review
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 Would your client like to know if they could possibly increase their death
benefit and/or get death benefit guarantees?
 Wouldn’t your client want to be reassured that their death proceeds will be
paid to the right beneficiary?
 Wouldn’t your client want to know if their coverage were inadequate due to
changes in their lives, their needs or in legislation?
 Do your clients’ have children or perhaps parents who rely on them for
support?
 Would your client want to move from “renting” to buying insurance?
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Why is a Policy Review Important?
A few reasons why a policy review is important in keeping your clients financial plan intact.
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 Have married or divorced in the last several years ?
 Have changed jobs or been promoted ?
 Have started a business or sold one and retired ?
 Have become parents or grandparents ?
 Have experienced a death in the family or is now providing financial support
for a family member ?
 Have refinanced or purchased a new or 2nd home ?
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What Events Can Trigger the Need for a Review?
Do you have clients who…
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 Clients have the opportunity to get more coverage for the same or lower
premium than when they initially purchased their current policy due to;
 Advances in product design
 Underwriting changes due to greater medical and heredity knowledge, and
 Interest rate environment changes
 If your clients haven’t reviewed their policy in the last 5 years or since
purchase, a policy review may be in their best interest.
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Understanding the Current Premium Environment
As your clients’ lives have changed so has their life insurance need.
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 Is their current policy type still the right one?
 Are guarantees preferable to price?
 Is their beneficiary designation still correct?
 Have estate tax laws altered their original plans?
 Is their policy performing as expected?
 Has market volatility exceeded comfort levels?
 Have interest rates or subaccount performance met expectations?
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Changes May be Required by Your Client Today
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 Partner with your Financial Professional to uncover, profile and identify policy
review candidates.
 Create talking points to help you in conversations with your client and to set
the appointment.
 Gather needs analysis data to determine necessary protection amounts
 Systematize your review of the findings with your client and help you make
meaningful recommendations.
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How can we assist you in this process?
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 Greg bought his life insurance policy when he and his wife, Sara, bought their
first home - a 2-bedroom condo with a combined income of $100,000.
 3 years later they had twin sons
 Today (16 years later), they have moved twice, each time an upgrade as well
as purchased a vacation home.
 His sons attend a private prep school and he plans to send them to an Ivy
League university, and
 They have started taking care of Sara’s mother.
 Greg originally purchased a $500,000 policy to protect his family and today it
has cash value of $57,000.
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Case Study – Greg's Situation
Is it time to do a policy review and update his coverage?
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 Cheryl is a 44 year old single mother of 3 who owns two life policies, one
whole life and one term, for a combined total of $225,000.
 She has cash value of $28,000 in her whole life policy and her term has only 2
years left before it ends but she would like to increase her coverage to make
sure her children can finish college if anything were to happened to her.
 She likes guarantees but she wants flexibility and the potential to have the
cash value grow in case she needs to access it in the future.
 She’s in good health and making quite a bit more than she was when she
bought her policies but she doesn’t want to continue paying past 65, is there
something she can do?
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Case Study - Cheryl’s Situation
Is this an opportunity for a policy review?
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 Who do you know who has life policies in force with …
– A purchase date of 5 years or greater?
– Face amounts of $250,000 or more?
– Annual Premiums of $5,000 or more?
– Cash surrender values of $20,000 or more?
– An insured(s) age 40 – 80 with no major changes in health since time of issue?
– Variable universal life, universal life or whole life policies that are under performing
or are inefficient?
– Policy focused on death benefits rather than cash value growth
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Create Opportunities to Enhance Your Life Insurance Position
Identify the client(s) who can benefit from a Policy Review
List 3 – 5 qualified clients who fit one or more of the descriptions above
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 Current policy information (type of policy, face amount, premium, etc.)
 Marital/family status
 Goals such as retirement, educational & personal
 Assets such as real estate, stocks, bonds, personal savings
 Financial obligations (mortgage, car loans, small business loans, etc.)
 Charitable intentions
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What is Needed to Complete a Policy Review?
Prepare your client by asking them to provide…
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 Ask probing questions which help you get to know your client’s present
position.
 Current cash requirements such as, final expenses
 Ask personal questions, (DOB, health status, etc.) that may help uncover
reasons to update their policies.
 Expand from the fact finder. Script out additional questions that may enhance
the meeting.
 Utilize your Regional Life Specialist as your partner in this process!
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Prepare Yourself and Your Client
Your clients will appreciate if you are prepared and take the time to understand their values,
visions and goals by…
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 The reassurance that their insurance is in line with your client’s and their
family’s long term needs.
 The knowledge that they are not paying for more coverage than they need.
 The opportunity to review their entire financial situation which may lead to life
insurance and other opportunities.
 The chance to determine if their life insurance is working as efficiently as
possible.
 The possibility to optimize the client’s investment opportunities.
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Reiterate Why a Policy Review is in the Best Interest of Your
Client
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Next Steps
Order Our Policy Review Kit
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 The policy owner should complete the Policy Review Worksheet
 Inforce ledgers should be requested of the existing policies
– The inforce ledger provides an overview based on the original sales proposal along
with current cash values, assumed premium payments at current assumptions
– Annual statements should be reviewed as well
 Based on the data collected and along with the assistance of your Financial
Professional, you should be able to offer your findings
– The policy is performing as expected or possibly better than expected and no
changes are required
– The policy requires minor adjustments which may require adjusting the premium
and/or payment period, possibly allocation changes or face amount changes
– The policy requires substantial changes including the contemplation of a new and
possibly more efficient policy
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Next Steps
Continued
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 We can work with you to uncover and identify potential clients for policy review
opportunities.
 We can help you generate leads and convert them into sales to increased
revenue.
 We can help you enhance your clients’ existing life insurance protection.
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Contact your Financial Professional Today so…
Contact us today at xxx-xxx-xxxx to begin the process!
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18. HIGHLY CONFIDENTIAL – DO NOT COPY
AGLC107568 REV0116 ©2016 AIG. All rights reserved.
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Policies issued by: American General Life Insurance Company (AGL) except in New York,
where issued by The United States Life Insurance Company in the City of New York (US
Life). Issuing companies AGL and US Life are responsible for financial obligations of
insurance products and are members of American International Group, Inc. (AIG). Products
may not be available in all states and product features may vary by state.
The Company, its financial professionals and other representatives are not authorized to
give legal, tax or accounting advice. Applicable laws and regulations are complex and
subject to change.
Any tax statements in this material are not intended to suggest the avoidance of U.S.
federal, state or local tax penalties. For advice concerning your situation, consult your
professional attorney, tax
advisor or accountant.
FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION