Your older clients should not shy away from a market review because of their age. They are often the ones with the least-efficient policies.
Life insurance has evolved over the years. Older policies built on less-favorable mortality tables are often the least-competitive policies. Your older clients may feel that they cannot improve their current situation with their life insurance, but that would be a mistake.
Your clients must have suffered no health setbacks since their existing policy was issued in order to take advantage of the better pricing and enhanced features a newer product might bring. That is because they will have to undergo new underwriting. But many of your clients are as fit as they have ever been. Even your older clients are living active, athletic lives and eating healthy. They should take advantage of their sound habits and good fortune.
A case that was reviewed in Chapter 7 of The Wealth Advisors Guide to Life Insurance is an excellent example of one couple who did. In that case, a couple in their 80s repositioned a universal life chassis policy into the same policy type with a lower annual premium, more significant guarantees, and a larger death benefit.
Does this happen for every client? No, but if your client is still healthy, it makes sense to find out if it would work for them. A policy review that includes a market review can often save your clients a substantial sum of money and/or increase the benefit they receive from their policy.