Bruce Beaty, VP Business Consultant
Pandemics aside, getting a commitment to move ahead with product solutions can be difficult, especially when that action involves surrender charge periods or longer timeframe planning commitments, which in some cases can be up to fifteen years. Throw in a swine flu, COVID, or bubonic plague, and the prospects have yet one more smoke screen that gets in the way of accomplishing their long-term objectives.
While many will use money markets or even an AUM approach to optimizing liquidity for life’s “what ifs”, that approach can often leave certain boxes unchecked for our end user clients. Examples could include no guaranteed lifetime income, no living benefits for health triggered expenses, no tax-free benefits, lack of safety, lack of leverage, lack of crackers (time to get crack a lackin’). You get the idea!
So what to do? It’s times like these when I’m reminded of the resilience and innovation of our industry. Today’s environment is screaming for a solution that already exists. It’s called a return of premium rider.
Katie Hsieh, product specialist extraordinaire at Asset, shared with me that EquiTrust offers great product solutions for both life and annuity cases that feature ROP riders on each side of the fence. So which one should you use? Why not both? You might as well hit a home run with clients and address solutions for both their “live on money” and their “leave on money”… the two financial brothers that always compete against each other. Help your clients overcome that fear of commitment and put some checkmarks in boxes that will accomplish their objectives TODAY.
We’ve attached illustrations for both solutions and our team would be happy to prepare a custom illustration that addresses any state specific variations. Make sure to call for assistance with your next case design. We look forward to the opportunity of collaborating with you!