Doing an annual review will give you additional business 30% of the time. It’ll also give you 100% more referrals.
Do the math, 100% every time! But here are some great questions to use next time, because all of us need a process and a guideline to make the appointment meaningful.
Have you or any of your beneficiaries married/divorced/widowed since our last review?
Ex-spouse can get the death benefit. Divorce does not necessarily remove them as a beneficiary.
Have children from a prior marriage that you would include OR exclude as beneficiaries?
Second marriages can lead new spouse and children being inadvertently disinherited.
Are you still in contact with the beneficiaries you originally named? Any falling outs? Any deaths?
Removing an heir from your Will does not remove them from your annuity as a beneficiary.
Have you named a trust as a beneficiary of your assets? If so, what assets?
Tax and estate-planning rules can vary greatly from those of natural beneficiaries.
Do all of your accounts have contingent beneficiaries listed in case your primary beneficiary predeceases you?
Defaulting to estate as beneficiary is usually undesirable for multiple reasons.
Are any of your beneficiaries in a high tax bracket?
Where receiving this death benefit could result in substantial taxation to them. Such heirs are likely already very tax-sensitive and may benefit from certain distribution options that minimize their tax liability when taking the death benefit.
800‐200‐9194, ext. 206
~ John Roberts
VP, TWH Agency, Inc.