September is Life Insurance Awareness Month, and as summer ends and business picks up, now is the time for financial professionals to explore resources that can help improve efficiency, streamline processes, and enhance their value to clients.
The question is: Whatare these opportunities, and how do you seize them?
Here are five ideas for making the most of Life Insurance Awareness Month with tools you can use to enhance your value to clients and towards your business objectives.
#1: Offer Complimentary Policy Reviews
If you’re looking for an easy way to initiate conversations during Life Insurance Awareness Month, a simple email offering to review a client or prospect’s life insurance policy can be the perfect place to start.
A detailed policy review can reveal new opportunities in today’s market that are better suited to the policy owner’s needs. However, even if a review confirms that the current policy is still the right fit, the process can help establish rapport with clients and prospects.
The main downside to policy reviews is how long it takes to conduct them for each client.
That’s why the Comprehensive Analysis and Review (CAR) exists. This program handles the heavy lifting associated with in-depth life insurance policy reviews for financial professionals, providing clients with a summary of their existing in-force policies and projected performance. It also creates a side-by-side snapshot of potentially more suitable alternatives in today’s market.
Related: Real-Life Case Studies Where a CAR Created Opportunity for Financial Professionals
#2: Explore the Potential Impact of Inflation
A unique way to captivate clients’ attention during Life Insurance Awareness Month is to start the conversation with a topic already at the top of their minds, like inflation.
Whether filling up their cars with gas or shopping for eggs, clients are constantly reminded of the rising cost climate, so this month is an opportune time to uncover inflation’s impact on their life insurance policies.
The Life Insurance Inflation Calculator can be a useful tool for this purpose. It reveals the purchasing power of the death benefit in today’s dollars, creating an opportunity to explore solutions for coverage gaps together with clients and prospects.
Related: Inflation’s Impact on Life Insurance: 2 Tools for Financial Professionals
#3: Simplify Case Management with a Unified Platform
Building and maintaining strong client relationships can be one of the most important pieces of a financial professional’s job. However, if not streamlined, back-office tasks—specifically, case management—can take away valuable time spent with prospects or clients.
As the new season approaches, it could be an ideal time to modernize your processes. Transferring business to one platform is one way financial professionals can embrace the future of policy management.
The enhanced Lifecycle Manager exclusive to FIG’s Portal seeks to eliminate the back-and-forth of case management by consolidating all your annuity and life insurance policies in one place. The platform offers enhanced features, including alerts for crucial policy dates (anniversaries and term expiration/surrender expiration) so you don’t miss important policy milestone opportunities.
Related: Unlocking the Future of Policy Management: Introducing the Lifecycle Manager
#4: Integrate Long-Term Care Planning into Client Discussions
Life Insurance Awareness Month can provide an opportunity to discuss other areas of financial planning, particularly topics that are otherwise difficult to discuss, like long-term care (LTC) planning.
Many financial professionals dread the LTC conversation due to client aversion to the topic and the complexities involved with solving for care costs. However, a new tool is available that aims to personalize and simplify the process of planning for care utilizing artificial intelligence (AI).
Waterlily AI leverages over 500 million data points to provide personalized predictions of a client’s likelihood of needing care, the age at which needs will begin, and a detailed breakdown of their estimated costs.
Then, it walks clients through the return on investment of various funding methods, including self-funding, annuities, LTC insurance, and life insurance products, so clients can see the financial impact of planning for LTC today.
Related: PRESS RELEASE: Financial Independence Group Ventures Into a Strategic Partnership With Tech Company Waterlily
#5: Enhance Your Knowledge of Advanced Life Insurance Solutions
In a world where clients can easily access financial advice online, financial professionals need to stay current on the latest advanced solutions.
This is especially true when serving the next generation of high-net-worth clients and business owners, and Life Insurance Awareness Month can be a beneficial time to gain insight into the latest strategies for complex cases.
The Life Playbook is an educational tool compiled by subject matter experts that unpacks 12 innovative life insurance strategies, outlining their ideal client profiles, key selling points, and case studies depicting real-life scenarios.
This tool is free for financial professionals to download; get yours by clicking the graphic below.
Unlock Growth Opportunities This Month
Whether you want to enhance your client value or streamline your business operations this month, these five ideas and tools can help you maximize your impact.
Accelerate your Life Insurance Awareness Month growth today and download the free Life Playbook.
