Anyone who has perused more than one of my blog posts knows that I am a huge advocate of annual reviews. I know this is a practice that has been abused by a lot of agents as a way to “just check in”, but really “sell you something else or more”.
The truth is that 95% of my annual review letters and calls end up in nothing more than a chance to reconnect and answer any questions. The other 5% are those customers who got the best deal at the time but since then a new company or better underwriting has come along, and there actually is a chance to save money.
I sold a private pilot life insurance several years ago with American General, at the time the best deal to be had. I lost contact with that client when a database I had got wiped out (I now have a backup). Because I quit calling him on an annual basis, last year he found another agent and a better price through Minnesota Life. When I heard about this through another agent it really just drove home how important those annual review calls are for both the customer and my business. If we had still been in contact, I might have been able to save him that money a year sooner than he did, saving him even more money, and kept a valued client in my portfolio.
So, whether you are a private pilot, student pilot or flight instructor and your agent hasn’t been reviewing your opportunities annually, there are better deals to be found today than there were in all of the pilot life insurance categories five or even ten years ago. Better rate classes are available, more companies are participating and the winners are the pilots that need to keep their family protection not only current, but competitive.
So, knowing that annual review calls can be abused, how should you handle them? Always keep in mind what your needs are in the insurance and if you ever feel like the agent’s need for a sale is coming before your need for cost effective, good insurance, tell them to call back next year. If there seems to be a genuine interest in improving your position or in just staying in touch, hear them out. It might be helpful.
Bottom line. My clients value the service I provide annually. I know because they tell me and I know because when they do want more insurance they don’t go somewhere else.