PRECalc: The Key to Finding the Best Policy Trade-In
by Randi Benash, LifeTrends National Accounts Director
Do you remember your first car? Mine was a fun, little Volkswagen convertible with two doors, a cassette
deck, and windows that had to be cranked by hand. When I was 17, I needed a car that could get my best
friend and me to school and back. But what if I was stuck with that same car forever? Right now, I need a
car that can fit a family of four with kids’ car seats and sports equipment but without the cassette player
and the hand-crank windows. Life happened, my needs changed, and the old, lovable VW just can’t keep
up. Your clients might also need an upgrade to their life insurance policy, but they probably don’t even
know it. With LifeTrends’ trademarked tool, PRECalc (Policy Review Estimation Calculator), you can review
their policy and better serve your client’s changing needs in select markets.
Let’s be honest, policy review can be a very cumbersome process, sometimes taking up weeks of valuable
time with an uncertain end result: it may or may not yield the solid replacement policy you are looking for.
You know the deal – weeks spent researching, running, and testing products. Exploring all the potential
options. But with PRECalc, just a couple of clicks will show you if your client’s existing cash surrender
value (or single pay) would purchase more death benefit, reduce their existing premium, or buy additional
paid-up death benefit. Now you have a clear idea of whether or not a replacement product makes sense in
a fraction of the time it would take otherwise.
This is really where the rubber meets the road. PRECalc keeps the producer from having to run potentially
hundreds of case illustrations, just to find that the client’s policy, which they’ve had for 20 years, serves
them just fine. PRECalc also offers detailed recommendations for viable replacement products. It predicts
the five most competitive options to begin the search for the right product. Finalizing the details on five
illustrations sounds a great deal better than running fifty plus. Considering how much time PRECalc saves,
it’s not surprising that LifeTrends’ distribution partners have run more than 6,000 PRECalc reports this
Once you’ve chosen the most competitive product, you can spend more time asking important questions
such as, are there any riders or additional benefits that might bring value to your client? While policy
reviews include an assessment of the current policy, they also include a comparison to new products,
riders, and features that may not have been available when the original policy was purchased. And don’t
worry, the LifeTrends’ Features search can help you with that part, too.
Life happens, needs change, and products evolve. Policy reviews ensure that life insurance policies still fit
your client’s individualized needs. PRECalc helps you answer the question “can we do better?” quickly and
easily, so you can focus on learning exactly what “better” means for your client.
Check out LifeTrends.com for more information on PRECalc and all of the intelligence available with