You’ve probably spoken with clients about using life insurance to protect their loved ones from financial burden, paying for their funerals or leaving a legacy. But have you discussed how it can help them mitigate the risk of longevity in retirement?
Today’s life insurance offers clients greater flexibility than just the traditional death benefit. They can provide solutions to clients’ concerns about outliving retirement and not having enough money.
Accelerated Benefit Riders
Accelerated benefit riders, or living benefit riders, can allow clients to access the death benefit while they’re still living. They can provide an extra financial resource should a client experience a qualifying event such as a covered critical, chronic or terminal illness. An accelerated benefit rider could provide income for a wife whose husband moves into a nursing home, for example. The life insurance company deducts the accelerated benefits payment from the death benefit it ultimately pays the beneficiary.
Cash Value
Universal or whole life policies that have a cash value offer the potential for tax-free income to help retirees fill their income gap if needed.
Consumers Buying Life Insurance for Retirement Income
The benefits of using life insurance for retirement income are not lost on consumers. Many now buy life insurance to supplement retirement income.
It is important to position life insurance as not only a suitable solution for protecting loved ones from financial burden and to leave an inheritance, but also as an income supplement. But how do you illustrate the full value that today's life insurance solutions offer? That's where Senior Market Sales® (SMS) can help.
Contact an SMS marketing consultant at 1.877.888.0166 for knowledgeable assistance.
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