5 Valuable Tools to Consider for Life Insurance Awareness Month

As the old adage goes, “Time is money,” and for financial professionals managing their own business, the right tools can save them on both.

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.

So, here are five tools you can leverage this month to help you reach your life insurance goals in the coming season.

1.????? A Program to Handle the Heavy Lifting of 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.

However, the downside to individual policy reviews is how long it takes to conduct them.

That’s why the first tool we’re highlighting is the Comprehensive Analysis and Review (CAR) program. A CAR conducts an in-depth life insurance policy review for you so you can provide clients with insight into their policy’s performance without sacrificing your valuable time.

• Receive a summary of their existing in-force policy (or policies) and projected performance
• Present the side-by-side snapshot of potentially more suitable alternatives in today’s market

To see the results from utilizing a CAR, check out these real-life scenarios here.

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2.????? A Tool to Calculate Inflation’s Impact on Life Insurance

A unique way to captivate clients’ attention during Life Insurance Awareness Month is to start the conversation with a topic already on the top of their minds, like inflation.

Whether filling their cars with gas or shopping for eggs, clients are constantly reminded of the rising cost climate. However, one area of their financial portfolio that they may have never considered being impacted by inflation is their life insurance.

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 to address any coverage gaps together.

• It's quick and easy to use with any in-force policy, regardless of who wrote it
• It can strengthen client and prospect relationships, leading to referrals

For more on the impact of inflation on life insurance, check out our recent blog here.

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3.????? A Platform to Manage All Life Insurance and Annuity Business

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.

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 a suite of enhanced features designed to streamline your processes, including:

• Automated reports and downloadable client-ready PDFs
• Alerts for crucial policy dates such as anniversaries, term expiration/surrender expiration
• A fully supported and seamless transfer of your book of business

"The Lifecycle Manager has greatly improved our office's management, making it easy to track key dates in our contracts from various carriers—all in a single database." – Jeff G

Learn more about unlocking the future of policy management with the Lifecycle Manager here.

4.????? AI Software to Potentially Predict Future Long-term Care Events

Life Insurance Awareness Month can provide an opportunity to pivot into other areas of financial planning, particularly with long-term care (LTC) planning.

Many financial professionals dread the LTC conversation due to its sensitive nature and complexities. That’s why Waterlily is working to personalize and simplify the process of planning for care.

Waterlily uses artificial intelligence (AI) to provide personalized predictions of a client’s likelihood of needing care, the age at which needs will begin, and a detailed breakdown of costs. It also compares 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.

• Leverages over 500 million data points to generate LTC predictions
• Shifts the conversation from selling a product to solving a problem

5.????? An Educational Playbook with Advanced Life Solutions

In a world where clients can easily access financial advice online, financial professionals need to stay up to date on the latest advanced solutions. This is especially true when serving the next generation of high-net-worth clients and business owners.

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, including:

• Ideal client profiles and key selling points for each strategy
• Case studies depicting real-life scenarios

Explore the LIFE PLAYBOOK to gain insights and expert strategies here.?

So, which tool are you most excited to try?

Whether you want to enhance your client value or streamline your business operations, integrating these five tools into your firm can help you maximize your impact.

Ready to explore how these solutions can fit into your workflow? Connect with us today!

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