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Life Insurance may not be a topic that immediately comes to mind when your clients are developing their retirement plans. They might be more apt to talk about their retirement savings or pension first. But, life insurance is a critical part of a comprehensive retirement plan.
It might help clients not to think of it as “life” insurance as much as “income” insurance. It is not just protecting income while working, either. A life policy helps protect income from a pension, Social Security, or other individual retirement benefits that might be reduced or go away if that spouse dies. Think of how that will impact the retirement plan for the spouse who is left.
Permanent life insurance has the potential for cash value growth which can provide supplemental retirement income or an extra financial reserve when additional funds are needed.
With Accelerated Benefit Riders, life insurance can provide protection while you’re clients are still alive. These living benefits can provide clients a portion or even all of their death benefit if they are diagnosed with a terminal illness, chronic illness or a critical illness like heart attack, cancer or stroke.
Income ArchiTechTM can help bring the need for life insurance in to clear relief for clients. One of the tool’s built-in stress test features can reveal what happens to their retirement plan if the client dies early. The combination of lost income and unanticipated expenses is enough to cripple an otherwise solid retirement plan.
This technology tool also enables you to not only position a potential life insurance solution but also demonstrate how the retirement plan can benefit from including a life policy. With that crucial element included, the client’s plan may be better able to pass the stress test, as the resulting benefit from the life insurance policy is plainly illustrated for the clients to see. Clients can feel reassured by a big-picture perspective made clear in just a few clicks.
To learn more about how to offer comprehensive life insurance solutions to your clients, contact a marketing consultant on the Senior Market Sales Life team today.
Interested in how Income ArchiTech can help you better illustrate and position life insurance solutions with your clients? Watch this free demonstration, or contact a marketing consultant at 1-800-786-5566.
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