Annuities
Annuities
Annuities
Annuities
Are you helping your annuity clients with life insurance…
Presented Brian Leising Turn your annuity clients into life insurance sales with a discussion about taxes on the annuity gains. First, find out if the annuity money is “live on” money or “leave on” money. “Live on” money means they will be taking distributions to cover income needs in retirement. “Leave on” money is the money they have no need for but most likely will leave to their heirs. Ask them if they know that their beneficiary will be liable for income tax on the proceeds at their death from their “leave on” money. This is where you talk about using life insurance to cover the tax liability. Tell them that they can provide a meaningful benefit to beneficiaries at their death. The beneficiary’s tax liability can be paid with an income tax free life insurance benefit. This will help you boost your sales, cement your relationship with existing clients, build your bottom line and provide an opportunity to obtain referrals from satisfied clients.
Annuities
Secret to Being a Successful Financial Advisor
Presented by David Corwin The secret to being a successful financial advisor isn’t about what you do or how you do it; rather, it’s about why you do what you do. If you are truly inspired, success will easily follow. Communication, listening and wisdom are the foundations of inspiration and the basis of all positive beliefs and feelings. Inspiration is sustainable because it comes from within. On the other hand, lower forms of motivation are based on a desire to meet your needs for recognition, safety and worthiness. These needs are the basis of all negative beliefs and emotions. Such motivation is not sustainable because it comes from outside. It attempts to satisfy unmet needs through people, places and things. What are the practice management issues many advisors face? Things such as lacking a business plan and clear goals, neglecting to ask for referrals or simply allowing yourself to become overwhelmed are just a few. Starting out with a “zero” in the production column has its way of getting you down or not as motivated. Here are 3 reasons why: 1. Lacking business plan/goals. The need for safety generates negative beliefs such as “I don’t have enough time” and “I don’t have enough money,” which fuel the negative emotions of anxiety and fear. Hence, an advisor becomes addicted to survival. It is impossible to establish values, vision, a business plan and goals while this is happening. A learned advisor once said, “Most financial advisors are addicted to selling, and they will not take the time to build vision, a business plan and goals.” 2. Not asking for referrals. Ninety percent of advisors agree that asking for referrals is the number one way to build their businesses, and yet only 15 percent actually ask for them on a consistent basis. The need for approval generates negative beliefs such as “What if they say no?” which fuels negative emotions such as uncertainty and worry. 3. Becoming overwhelmed. The need for control generates negative beliefs such as “I am out of control” and “No one can do it as well as me,” which contributes to the negative emotion of fear. Just remember that the “law of attraction” is absolute, and with the need for control fueling negative beliefs and emotions, you will refuse to delegate. Or, if you do decide to delegate, you will fear that no one will ever be able to do the job as well as you can. Your needs will become your jailor. Values are like turtles: They only come out when it is safe. Unmet needs will wreak havoc on your values, vision, business plan and goals. They will limit your ability to grow. Until you are able to meet those needs from within, inspiration which is the foundation for true success will elude you.
Annuities
Mailbox Money
Presented by David Corwin Living too long is a risk that many seniors are faced with today. Studies show that a 65-year-old man has a 34% chance of living to age 90 and a 17% chance of making it to 95. A 65-year-old woman has a 44% chance of living to age 90 and a 23% chance of reaching 95. These longer life spans present wonderful blessings, but difficult challenges with a real risk of running out of savings that people have worked a lifetime to create. With proper planning and forethought, seniors can gain some peace of mind in knowing that every month they can receive a check in their “mailbox” for the rest of their lives. The following types of annuities are a remedy for the fear of outliving income and ways to provide for “mailbox money.”- Single premium immediate annuities (SPIA) offer income for life or a specified period of time. To accomplish this, a lump sum has to be traded to create the income stream, and the annuitant loses control of the asset.
- Fixed annuities afford annuitants 100% control over the asset, allowing them to withdraw money as needed, but how long the funds will last is dependent on withdrawals and interest gained on the contract. Generally, penalty free amounts are withdrawn so additional fees and charges aren’t incurred. A drawback could be that income may not last for life.
- Lifetime income riders are available on many fixed indexed annuities. These are popular because they guarantee a future result. This allows a client to rest easy, retain control of their asset, and have an income that will continue for a lifetime.
Annuities