Several years ago, I made the e commitment to develop my business in southern Indiana into a total wealth management practice. And even though I know that insurance can be a tremendously helpful financial planning tool due to the tax benefits, I confess that I have never made insurance a big part of my business. Perhaps I have been reluctant to think of myself as an insurance salesman. I probably also felt that the time required to become an expert this area would be more than I could devote.

But this spring that all began to change. My firm offered a risk management and insurance strategies program that was spread out over six months and run in monthly two-day sessions.

The course teaches the "EPC Method," named for its creators, tax attorneys and authors Bob Esperti, Renno Peterson and David Cahoone. This method helps financial advisors identify insurance needs through the use of several estate-planning scenarios that highlight real financial and emotional issues common to many people.

Financial advisors learn to work cooperatively with experts at a partner firm, Ash Technical Services. It provides non-biased insurance policy reviews to help our clients find the policy that best matches their individual circumstances.

Throughout the course, I kept thinking of one of my most valued clients, a widow we'll call Mrs. Anderson. She had two insurance policies that were acquired elsewhere some 20 years earlier. Together, the policies had a death benefit totaling $2 million and cash values of $940,000. But the premiums were a hefty $23,280 annually.

I had met with Mrs. Anderson several times over the years to try to persuade her to review both the financial and medical aspects of some of her older polices. But my attempts had failed. Clients are often very reluctant to make changes in their insurance. This reluctance can be caused by skepticism that coverage can be improved, by an inexplicable attachment to an old business deal (similar in nature to how many clients are reluctant to part with stocks that have been in their family for years), or by sheer inertia.

In Mrs. Anderson's case, she also had some personal cash flow issues complicating matters. Her husband's unexpected death a few years ago, and the resulting loss of income, had begun to take a toll. Many of your clients may be experiencing such a pinch, in which polices bought years ago with one set of needs now clash with today's objectives.

For a long time, I had a gut feeling that I could do better for Mrs. Anderson with regard to her insurance coverage situation. Now I was learning the hard facts that more than supported my hunch.

The insurance strategies program taught me that new opportunities for consumers stem from significant developments in the insurance marketplace. They range from better pricing and more creative products that were not around 10 years ago, to better medical underwriting options because of medical technology and advancements. With so many alternatives and enhancements, consumers end up being the winners.

I asked Mrs. Anderson to stop into our office earlier this year. She did so, along with her estate-planning attorney and her children, who are her beneficiaries.

As a result of my training, I was able to explain how dramatically I believed replacing the old policies would improve Mrs. Anderson's financial situation. She finally began to understand and agreed to an audit of her then-current coverage.

Working with Ash, we were able to improve the policy death benefit while eliminating the out-of-pocket annual premium.

Mrs. Anderson now has a brand new, paid-up policy with a guaranteed $4.8 million death benefit, more than doubling the original policy. And by eliminating the annual premiums, Mrs. Anderson significantly improved her cash flow situation as well.

So before even completing the insurance program, I had already used its concepts and processes to add tremendous value for an important client. In addition, I supplemented my revenue stream nicely in the process. And the benefit to my practice didn't end with just one satisfied customer.

With the power of referrals and good word-of-mouth marketing, even as I write this, I am scheduled to meet with Mrs. Anderson's brother-in-law tomorrow to examine his coverage and see if it can be improved as well.

John Schutz, is a senior V.P. and financial consultant for Hilliard Lyons in Evansville, Ind.