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Life Insurance Policy Checklist

Author: Dick Hartzen

E&O classes always stress the need to use checklists. P&C exposures change over time and policy coverages must change with them. This is also true with life insurance. The needs that were present at application time probably have changed. A policy that was sold years ago may now require modifications due to changes in the family, income, required expenses, etc.

Many property and casualty agents have spent numerous hours in errors and omission classes discussing the need for using checklists. There are many policies in force that have important items missing as well as unneeded items in effect. Times and family situations are continually changing. Insurance must adapt to these changes.

This is true with life insurance. A policy that was sold years ago may now require modifications. The needs that were present at application time probably have changed. Changes in the family, income and required expenses may occur on a weekly basis.  

Checklists are the way to assist in making sure that correct policies are in effect at sales and renewal times. Some of these situations may include:

  1. Minor children should not be shown as beneficiaries, but this situation may change when adulthood is reached.

  2. Term insurance may require conversion.

  3. Additional insurance provided with a dividend option may be more beneficial if changed to provide additional savings for retirement.

  4. Family policies may be wrong with the children reaching adulthood.

  5. Waiver of premium may be a waste of money if kept on the policy after retirement.

  6. A mortgage protection policy may not be needed if the mortgage was paid off early.

A policy checklist will enable an agent to:

    (a)  select the correct policy during the initial interview,

    (b)  see if new endorsements should be added or old ones eliminated,

    (c)  allow a new person servicing the insured to understand the family
          situation and needs,

    (d)  assist in an e&o suit.

Here is a sample checklist you can adapt for your agency: 

Editor's Note:  If you would like to review some sample Personal Lines and Commercial Lines checklists, use the search feature for "Checklists"

Copyright 2010 by Richard I Hartzen. Used with permission.


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