Insurance agents annual reviews have gotten a bad name over the years and with some justification. Some agents see it only as an opportunity to sell more and kind of do service as an aside.
But don’t underestimate the value of those annual calls. I know before I call a life insurance client I always review what they have, what kind of rating they accepted and look for possible changes in underwriting that could possibly put them in a position to pay less, or possibly get more for the same.
Case in point is a client of mine with bipolar disorder. On an annual review I did, as described above, I re-shopped his bipolar history and a company that had offered the 4th best trial quote the year before now offered an extraordinary quote.
He and his wife had just had their first baby and wanted to increase his coverage but were concerned about the budget. With this offer we were able to double his coverage for just barely more than he was paying before. So, the annual review call filled a need with additional coverage and also gave us an opportunity to talk about, with the new baby, the need for a life insurance trust.
Bottom line. If it’s all about selling you more, then tell your agent to skip the annual review calls and get a life. If, on the other hand, your agent is truly working for your best interests and serving rather than selling, take that call. You’ll be glad you did.