Insurance Policy Summary Template (Free Download)

Have you heard your prospects say “I have a lot of insurance policies already. I don’t need anymore”?

or…

“I’m already paying $X per year for my policies. Should have enough coverage”

However, after fact finding, you realize they only have endowment policies that don’t even cover much. Resulting in huge shortfalls for their protection needs.

The best way they can understand their existing insurance coverage is through an Insurance Policy Summary / Insurance Portfolio Summary (these 2 terms are used interchangeably in this article).

What Is An Insurance Policy Summary?

An Insurance Portfolio Summary is a brief overview of all the policies that an insured has. It can contain key information such as the premium amount, expiry date, main benefits such as TPD, Death, Critical Illness, Hospitalization, Disability Income etc.

Often presented in a spreadsheet, it tabulates the total sum assured from all the policies for each benefit eg. Total Critical Illness benefits from all 6 insurance policies that the policyholder has.

This simple spreadsheet makes it easy for a reader to understand the overall coverage at a glance.

Why Is It Important To Have An Insurance Portfolio Summary?

These are some of the benefits of having an Insurance Portfolio Summary:

  • Know what you are covered for
  • Identify potential gaps that you may have overlooked
  • Reduce duplicate or outdated policies that waste money
  • Keeping a hardcopy of the Insurance Portfolio Summary enables beneficiaries to know what policies are available
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Why Should Financial Adviser Reps Prepare Insurance Policy Summaries For Their Clients?

We know that preparing policy summaries for clients may be cumbersome and take up your precious time. However, the benefits of it can outweigh the effort required.

  • Build trust with your prospects
  • Easily identify gaps that prospects may not realize before
  • Help your clients save money by trimming outdated or uneeded policies
  • Strengthen the reasons for recommending certain products
  • Display your professionalism and expertise in front of your clients

The Training Academy make it easier for you by providing you with our Insurance Policy Summary Template (Free Download)

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By proceeding, I consent to the collection, use and disclosure of my personal data by The Training Academy Pte Ltd & Financial Alliance Pte Ltd for marketing purposes. You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website.

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