Warm Market Policy Review Approach

As you are learning the business, a great exercise is to contact people you know and read the life insurance policies they own.  You'll learn about many different types of life policies, and you'll come across opportunities to improve their coverage in many cases. You'll even find some folks who don't have any coverage and you can help them get what they need.

Here's the basic approach script:

I wanted to give you a call, I’m working in a new industry, Financial services. It’s part-time, while I learn, I want to go full time eventually.
I'm currently learning about life insurance – I'm sure that you have life
insurance in place, that's actually the reason I'm calling– my current training assignment is to read as many life insurance policies as I can, to learn about the different types of life insurance and policies that are available.
Would it be okay if I stop by for about 15 or 20 minutes and just read over your life insurance policies? I'm thinking Sunday afternoon after lunch, somewhere between 2 and 5 PM – will you be home then?
You don’t have life insurance? Would it be okay to come by and show you some of the plans we offer? No obligation, of course, it will be good practice for me either way.
Oh, your life insurance is at your job? I understand that that means you don't really have any control of it–if you leave or retire the insurance goes away– Is that correct? It would probably be a good idea for me to stop by and tell you about what we have available–is Sunday afternoon good for you?

Learning to Read Life Insurance Policies

Look for the following information:

Name of the insurance company:
What kind of insurance policy is it?  Term - Whole Life - Universal - Accidental
What is the name of the insured person?
What is the premium mode? What is the modal premium?
What is the death benefit?
Who is the beneficiary or beneficiaries?
Are there any riders on the policy?
Accidental death, term, premium waiver, spouse, children…
Does the policy have accelerated or living benefits?
If this is permanent insurance, is there a date that it will be paid up?
If this is term insurance, when does it renew? What is premium at renewal?

Advanced information – call* the insurance company:

Are there any outstanding loans on this policy?
Is there a cash value accumulated in this insurance policy?
Does the premium remain level, or will it change at a later date?
"You actually have the old kind of life insurance. The kind that only pays when you die. If I put together something that might make sense for you, that would give you access to benefits if you became critically or chronically ill, I’m sure you would want to see that, am I correct?"
Critical and chronic illness statistics  Cancer: 1 in 3 women, 1 in 2 men…

* Google the insurance company to find their customer service number (usually toll-free). They will ask the client’s permission to speak to you, the client will need to provide identifying information.