Life Insurance Checklist for Financial Advisors: Ensure Every Client is Covered

As a financial advisor, helping your clients secure their financial future with life insurance is a critical responsibility. Life insurance provides peace of mind, ensures family protection, and can be a vital part of an overall financial plan. To simplify the process and make sure you’re addressing every client’s unique needs, Advisors Accelerated has put together a comprehensive life insurance checklist.

This checklist will guide you through each step of the process—from the initial conversation to policy placement and ongoing servicing.

I. Assess Client Needs

Every client is different. Start by understanding their unique financial situation and goals:

• Income replacement: How much of the family income does the client provide?
• Debts and liabilities: Do they have mortgages, loans, or credit card debt?
• Long-term obligations: Are there dependents, like children, with educational or care needs?
• Long Term Care concerns: Has the risk of long term care costs been covered?
• Legacy and estate planning: Does the client wish to leave behind a legacy or cover estate taxes?

II. Determine the Right Coverage Amount

Once you’ve outlined the client’s needs, it’s time to determine how much coverage they require:

• Multiple of income: A common rule of thumb is 20-30 – times the client’s annual income.
• Debt coverage: Ensure the policy covers all debts, including mortgages and loans.
• Future needs: Include educational expenses, retirement contributions, and other anticipated financial obligations.

III. Choose the Right Type of Life Insurance

Educate your clients on the different types of life insurance to determine what best fits their goals:

• Term Life: Provides coverage for a specific period (10, 20, 30 years). Often more affordable.
• Permanent Life: Offers lifetime coverage, long term care riders and a cash value component.

IV. Underwriting and Policy Placement

Once the client chooses a policy, the underwriting process begins. With Advisors Accelerated, you can hand over this complex step. We handle:

• Medical exams and documentation
• Communication with underwriters
• Navigating any additional requirements

This ensures that your client gets through the underwriting process quickly and without unnecessary delays.

V. Policy Review and Servicing

After the policy is in place, it’s crucial to regularly review it. Advisors Accelerated continues to provide support by:

• Ensuring policy details remain up-to-date.
• Adjusting coverage when necessary (such as changes in income, debts, or family size)
• Providing ongoing client communication and servicing

Life insurance is not a “set it and forget it” process. Maintain regular touchpoints with clients to ensure their policies still align with their evolving financial goals. Advisors Accelerated can handle these conversations, offering your clients seamless support from day one.

Conclusion – Life Insurance Policy Checklist

By following this checklist, you can confidently guide your clients through the life insurance process, ensuring they have the right coverage to protect their loved ones. With Advisors Accelerated as your partner, we’ll handle the heavy lifting—from underwriting to policy servicing—so you can focus on providing expert financial advice.

Contact us for an appointment.

Advisors Accelerated is located at 540 Enterprise Drive, Lewis Center, OH 43035.