{"id":5657,"date":"2022-08-24T07:11:09","date_gmt":"2022-08-24T12:11:09","guid":{"rendered":"https:\/\/www.figmarketing.com\/blog\/?p=5657"},"modified":"2023-09-07T14:11:21","modified_gmt":"2023-09-07T19:11:21","slug":"life-insurance-policy-reviews-for-clients-car-overview","status":"publish","type":"post","link":"https:\/\/www.figmarketing.com\/blog\/life-insurance-policy-reviews-for-clients-car-overview\/","title":{"rendered":"Life Insurance Policy Reviews for Clients [CAR Program Overview]"},"content":{"rendered":"\n<p><em>Updated December 12, 2022, at 12:17 PM<\/em><\/p>\n\n\n\n<p>Life insurance policy reviews are a critical component to sound financial planning for your clients.<\/p>\n\n\n\n<p>Because chances are, you have plenty of clients with life insurance policies. But when was the last time any of them were thoroughly reviewed? And even if it has been recently, wouldn&#8217;t it be nice to get that task off your plate and free up your time to do things you love?<\/p>\n\n\n\n<p>Utilizing life insurance policy reviews from industry experts not only ensures your clients have the best option for their needs, but it also builds trust and opens the door for new business opportunities.<\/p>\n\n\n\n<p>That&#8217;s why we created our Comprehensive Analysis and Review (CAR) program. Our product experts provide you with the tools necessary to efficiently and effectively conduct a comprehensive client insurance policy review.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>In short, a life insurance policy review is a thorough analysis of your client or prospect\u2019s current insurance portfolio.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why Utilize CAR?<\/h2>\n\n\n\n<p>The CAR program can demonstrate a sincere interest in your clients and prospects that extends beyond a possible sale, building a connection based on trust. Not to mention, you can provide viable and optimal solutions, not just sell a product.<\/p>\n\n\n\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Life Insurance Policy Reviews with CAR\" width=\"1170\" height=\"658\" src=\"https:\/\/www.youtube.com\/embed\/FYWQAMP02zU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>A CAR life insurance policy review can also help you uncover sales and referral opportunities. This tool can comfortably put you in front of your clients and prospects and ask for referrals.<\/p>\n\n\n\n<p>Once a client or prospect goes through the CAR program, even if no sale takes place, he or she will feel more comfortable providing you with referrals to their family, friends, and business associates.<\/p>\n\n\n\n<p>CAR can set you apart from other financial professionals. In this business, you strive to stay ahead of your competitors, and by offering services such as comprehensive policy reviews, you can potentially shut the door on your competition. If you can add value to an insurance transaction, you\u2019re ahead of the curve.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">CAR Life Insurance Policy Reviews Can:<\/h4>\n\n\n\n<ul><li>Help and benefit your client or prospect<\/li><li>Enhance your relationship with your client or prospect<\/li><li>Provide new sales and referral opportunities<\/li><li>Set you apart from your competition<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Why Conduct Life Insurance Policy Reviews?<\/h2>\n\n\n\n<p><strong><a href=\"https:\/\/www.figmarketing.com\/blog\/tag\/life-insurance\/\" target=\"_blank\" rel=\"noreferrer noopener\">Life insurance<\/a><\/strong> may well be one of the most significant assets within an estate\u2014whether it\u2019s owned by an individual, a business, or part of overall estate planning. That being said, it\u2019s an asset that\u2019s generally not evaluated, reviewed, or appraised on a consistent and customized basis.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>A client&#8217;s life insurance policy may provide funds to:<\/strong><\/h4>\n\n\n\n<ul><li>Help take care of loved ones\u2019 needs when they&#8217;re no longer here<\/li><li>Pay for the education of children and grandchildren <\/li><li>Pay off mortgage and other debts<\/li><li>Leave a legacy <\/li><li>Attract and retain key employees<\/li><li>Protect business assets<\/li><li>Supplement retirement income<\/li><li>Offer emergency cash    <\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Related: <a href=\"https:\/\/www.figmarketing.com\/blog\/7-steps-to-complete-a-life-insurance-policy-review-car-program\/\" target=\"_blank\" rel=\"noreferrer noopener\">7 Steps to Complete a Life Insurance Policy Review [CAR Program Infographic]<\/a><\/h4>\n\n\n\n<p>Like any other asset, it\u2019s important to periodically monitor whether your clients&#8217; life insurance policies continues to meet their needs, because life continually changes. Marriage, divorce, death, children being born and growing up, all with moves and career changes along the way.<\/p>\n\n\n\n<p>Lifestyles change and health changes. Financial situations change, and goals change. Also, because life insurance is a financial asset, its performance may fluctuate and should be monitored to make sure it continues to meet your changing needs.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>What&#8217;s Included in a CAR Life Insurance Policy Review?<\/strong><\/h4>\n\n\n\n<ul><li>Evaluation of current objectives and needs<\/li><li>Summary and analysis of existing in force policy (or policies)<\/li><li>Illustration and review of alternatives  <\/li><li>Optional assessment of current medical underwriting <\/li><li>Review of policy ownership and beneficiary designations as needed<\/li><li>Ratings of the insurance companies <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">How Can I Conduct a CAR Life Insurance Policy Review?<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Step 1: Schedule an Appointment<\/h3>\n\n\n\n<p><em><strong>NOTE: <\/strong>CAR is only available to FIG-partnered financial professionals. To learn more about working with us, <a href=\"https:\/\/engage.figmarketing.com\/acton\/fs\/blocks\/showLandingPage\/a\/39120\/p\/p-014f\/t\/page\/fm\/0\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>click here<\/strong><\/a> to get started.<\/em><\/p>\n\n\n\n<p>Start by approaching your clients or prospects in various ways to ask if they\u2019d be interested in a comprehensive policy review. If you\u2019re talking with an existing client, you can mail them a letter, make a simple phone call, or send a short email. Scheduling a review can be as simple as asking.<\/p>\n\n\n\n<p><em>\u201cMr. Smith, when was the last time you looked at your insurance policy?\u201d or \u201cMrs. Jones, has anything in your life changed since we wrote your insurance policy three years ago?\u201d<\/em><\/p>\n\n\n\n<p>If you want to approach prospective clients about a policy review, you could ask them via mail, phone, or email if they have any insurance and when they last reviewed it. Let them know that products have evolved for the benefit of the consumer, and in some cases, pricing has improved as well. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Related: <strong><a href=\"https:\/\/www.figmarketing.com\/blog\/how-life-insurance-loans-work\/\" target=\"_blank\" rel=\"noreferrer noopener\">How Life Insurance Loans Work<\/a><\/strong><\/h4>\n\n\n\n<h3 class=\"wp-block-heading\">Step 2: Discuss Objectives<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong><em>Existing Policy<\/em><\/strong><\/h4>\n\n\n\n<p>Your goal is to find out as much as you can about your client or prospect\u2019s existing policy.<\/p>\n\n\n\n<p><em>\u201cTell me about your insurance policy, Mr. Smith. When did you buy it, and why did you buy it? What else do you know about it?\u201d<\/em><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong><em>Any Changes?<\/em><\/strong><\/h4>\n\n\n\n<p>Next, use this opportunity to find any changes\nin lifestyles since their first policy.<\/p>\n\n\n\n<p>Next, use this opportunity to find any changes in lifestyles since their first policy.<\/p>\n\n\n\n<p><em>\u201cSo, what\u2019s new? What has changed since you first bought your insurance policy?\u201d<\/em><\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>The following life events can trigger an insurance discussion:<\/strong><\/h5>\n\n\n\n<ul><li>Marriage or divorce<\/li><li>New child<\/li><li>Purchase of a new home<\/li><li>Inheritance<\/li><li>New job\/retirement<\/li><li>Change in debt<\/li><li>Health changes<\/li><li>Business changes (if insurance is designed for company purposes)<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong><em>Planning<\/em><\/strong><\/h4>\n\n\n\n<p>Now it\u2019s time to find out the current objectives\nof purchasing a policy.<\/p>\n\n\n\n<p><em>\u201cWhy do you feel you need this insurance today and for the future?\u201d<\/em><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong><em>Financial<\/em><\/strong><\/h4>\n\n\n\n<p>It\u2019s also prudent at this stage to conduct a financial fact-finder with your client or prospect before you make any product recommendation(s) from this review. You can contact our Life Division to obtain fact-finder worksheets to use with your clients.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong><em>Underwriting<\/em><\/strong><\/h4>\n\n\n\n<p>You\u2019ll also need to determine what your clients or prospect\u2019s medical insurability look like. Ask if they have any current health issues and if they had any problems when they first purchased their policy. <\/p>\n\n\n\n<p>If they answer &#8220;yes,&#8221; you\u2019ll need to obtain more details. We\u2019ve included a health questionnaire that can help you with this process.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><em>In-Force Illustrations<\/em><\/h4>\n\n\n\n<p>If your client or prospect wishes to have his or her policy thoroughly evaluated, it\u2019s crucial to gather as much current information as possible. To request an in force illustration from the existing carrier, you\u2019ll need to have your client or prospect sign a release form.<\/p>\n\n\n\n<figure class=\"wp-block-embed-twitter aligncenter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/twitter.com\/figmarketing\/status\/1572236906678681600\n<\/div><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 3: Analyze &amp; Evaluate<\/h3>\n\n\n\n<p>We\u2019ll carry the weight of the work involved during this step. Once we\u2019ve received the in force illustrations and additional policy information, we\u2019ll begin evaluating the policy.<\/p>\n\n\n\n<p>We then work with you and our product portfolio to determine if we feel there\u2019s a more suitable solution for your client or prospect. We&#8217;ll provide you with a client presentation consisting of a snapshot of existing coverage and a few possible alternatives.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 4: Provide Thorough Recommendation<\/h3>\n\n\n\n<p>Lastly, our CAR Policy Review Presentation will allow you to walk your clients or prospects through a detailed analysis of their existing policy. It\u2019ll show them the features, costs, and benefits of the policy; as well as information about their beneficiaries.<\/p>\n\n\n\n<p>The presentation will also provide a side-by-side snapshot of the existing policy versus a perhaps more suitable alternative.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Take the Next Step With CAR<\/h2>\n\n\n\n<p>The CAR program can catapult your firm past your competition while providing real, tangible benefits to your clients and professional relationships.<\/p>\n\n\n\n<p>What are you waiting for?<\/p>\n\n\n\n<p>Click below to learn more about this value-enhancing program today!<\/p>\n\n\n\n<h4 class=\"has-text-align-center wp-block-heading\">Keep Reading: <a href=\"https:\/\/www.figmarketing.com\/blog\/compare-insurance-offerings-with-life-insurance-policy-reviews-case-study-included\/\" target=\"_blank\" rel=\"noreferrer noopener\">Compare Insurance Offerings With Life Insurance Policy Reviews [Case Study Included]<\/a><\/h4>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<div class=\"wp-block-image is-style-rounded\"><figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/engage.figmarketing.com\/acton\/fs\/blocks\/showLandingPage\/a\/39120\/p\/p-014f\/t\/page\/fm\/0\" target=\"_blank\" rel=\"noopener noreferrer\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.figmarketing.com\/blog\/wp-content\/uploads\/2022\/08\/CAR-LeadGen-08.05.22-BL_BLOG-CTA-Section-1024x366.png\" alt=\"call to action to learn about car life insurance policy review program\" class=\"wp-image-11441\" width=\"512\" height=\"183\" srcset=\"https:\/\/www.figmarketing.com\/blog\/wp-content\/uploads\/2022\/08\/CAR-LeadGen-08.05.22-BL_BLOG-CTA-Section-1024x366.png 1024w, https:\/\/www.figmarketing.com\/blog\/wp-content\/uploads\/2022\/08\/CAR-LeadGen-08.05.22-BL_BLOG-CTA-Section-300x107.png 300w, https:\/\/www.figmarketing.com\/blog\/wp-content\/uploads\/2022\/08\/CAR-LeadGen-08.05.22-BL_BLOG-CTA-Section-768x275.png 768w, https:\/\/www.figmarketing.com\/blog\/wp-content\/uploads\/2022\/08\/CAR-LeadGen-08.05.22-BL_BLOG-CTA-Section-1170x418.png 1170w, https:\/\/www.figmarketing.com\/blog\/wp-content\/uploads\/2022\/08\/CAR-LeadGen-08.05.22-BL_BLOG-CTA-Section-585x209.png 585w, https:\/\/www.figmarketing.com\/blog\/wp-content\/uploads\/2022\/08\/CAR-LeadGen-08.05.22-BL_BLOG-CTA-Section.png 1398w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/><\/a><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/www.figmarketing.com\/#!\/Landing\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" width=\"150\" height=\"152\" src=\"https:\/\/www.figmarketing.com\/blog\/wp-content\/uploads\/2021\/02\/FIG-Logo-Red-Triangle.png\" alt=\"financial independence group logo\" class=\"wp-image-8736\"\/><\/a><\/figure><\/div>\n\n\n\n<p class=\"has-text-align-center\" style=\"font-size:9px\">For Financial Professional Use Only<\/p>\n\n\n\n<p style=\"font-size:9px\"><em>The content within this post is for educational purposes only and does not represent legal, tax, or investment advice. Customers should consult a legal or tax professional regarding their own situation. This presentation is not an offer to purchase, sell, replace, or exchange any financial product. Insurance products and any related guarantees, features, and\/or benefits are backed by the claims-paying ability of an insurance company. Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Updated December 12, 2022, at 12:17 PM Life insurance policy reviews are a critical component to sound financial planning for your clients. Because chances are, you have plenty of clients with life&hellip;<\/p>\n","protected":false},"author":4,"featured_media":11416,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[362],"tags":[408,390,108,216],"acf":[],"_links":{"self":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts\/5657"}],"collection":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/comments?post=5657"}],"version-history":[{"count":56,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts\/5657\/revisions"}],"predecessor-version":[{"id":13068,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts\/5657\/revisions\/13068"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/media\/11416"}],"wp:attachment":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/media?parent=5657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/categories?post=5657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/tags?post=5657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}