Life insurance policy reviews do more than check performance. They often uncover gaps in other critical areas such as annuities, disability insurance (DI), and long-term care (LTC). These reviews are an ideal time to deepen conversations and ensure your clients’ protection strategies keep pace with their lives. By addressing these needs, you reinforce your role as a comprehensive financial professional.
Why Policy Reviews Matter
Clients expect more than an annual check-in or market update. Their financial lives are constantly changing with career moves, retirement transitions, tax law changes, and health developments. Each of these factors can impact their protection needs. Older life insurance policies may rely on outdated assumptions, no longer align with goals, or risk underperformance. A life insurance policy review can uncover opportunities to improve guarantees, reduce risk, or leverage cash value. It also reveals gaps beyond life insurance, such as insufficient DI coverage, no LTC plan, or annuities that no longer fit income or legacy objectives. These moments create a natural opening for broader planning discussions.
Three Key Areas to Explore: Annuities, DI, LTC
Annuities
Annuities can provide guaranteed income and legacy benefits, but older contracts may not reflect current goals or market conditions. A structured review helps you ensure legacy benefits align with updated objectives. In addition, it helps:
- Evaluate income guarantees
- Assess allocations and credited interest
- Review fees and riders
- Address tax considerations
These conversations clarify what clients want their retirement income strategy to look like and whether their existing annuity still fits that strategy. Regular reviews optimize performance and build trust through proactive guidance.
Follow this simple 4-step process to review your clients’ annuities each year and help them make well-informed decisions about their financial futures.
Disability Insurance
Most clients rely on employer-provided disability coverage, which often falls short. Group plans can have limitations, such as taxes on benefits, income caps, lack of portability, and may not cover bonuses or variable compensation. For high earners or business owners, this gap can be significant. Even if clients do not have individual DI policies, reviewing workplace benefits can uncover opportunities for supplemental protection.
Check out this informative 3-minute video for a breakdown of common limitations and how supplemental DI can make a difference.
Long-Term Care (LTC)
LTC planning has evolved far beyond traditional policies. Today’s solutions, including hybrid life/LTC and annuity/LTC products, offer:
- Indemnity or reimbursement-style benefits for care expenses
- Access to cash value
- Death benefits for heirs if care is not needed
- Guaranteed premiums for predictable costs
- Efficient asset repositioning to strengthen overall planning
Many clients assume Medicare will cover costs or believe they can self-insure, unaware of the potential impact on a spouse or heirs. If a client says they plan to self-insure, ask them why. LTC planning is about protecting income, assets, and family well-being, and today’s solutions make it easier than ever to do so.
Learn how to raise awareness and drive action around longevity planning for your clients.
The Power of Multi-Solution Reviews
Starting with life insurance is a great entry point. When you expand the conversation to annuities, DI, and LTC, clients gain confidence knowing every element of their protection plan is intentional and up to date.
For financial professionals, these conversations:
- Deepen relationships that can strengthen client retention across generations
- May uncover new planning opportunities
- Position you as a holistic advisor
- Demonstrate proactive oversight
Our Crump Solution Centers are here to help you evaluate coverage across multiple product lines, compare solutions, and support deeper client conversations.
If this article made you think of one of your clients, reach out to us today. We can help you every step of the way, from exploring ideas to placing the right policy. Let’s make sure your clients have the protection they deserve.
Contributor
Dorothy "Dot" Bonett, ALMI, AIRC, AIAA, ACS is the Senior Vice President of Sales, overseeing the Crump Annuity, Disability, Long-Term Care, Medicare, and Health Solutions, as well as Sales Development teams. In this role, she promotes efficiency, growth, and the execution of a strategic plan across these product lines and support functions. With more than 40 years of experience in life insurance, Dot is dedicated to helping her teams assist financial professionals in holistic planning and insurance solutions.