New Year, New Reminder -- Offer a Beneficiary Review Now

January 2, 2019

The start of the year is an ideal time to connect with clients. A smart way to guide the conversation is by offering a beneficiary review. It’s a critical, value-added service you can provide to current and prospective deferred and immediate annuity clients.

A review ensures that client’s beneficiary designations match their wishes. A review may also lead to new deferred and immediate annuity sales opportunities.

For the Client

How does a beneficiary annuity review help clients? It helps them make sure their death benefits will be distributed according to their wishes. Often, a clients’ financial priorities change but they forget to update their beneficiary designations. Help your clients answer these questions:

  • Are the correct beneficiaries listed? Update the primary beneficiary, if necessary, such as after a change in marital status.
  • Has the client named contingent beneficiaries? These act as backups if the primary beneficiary is unable to collect the benefits or predeceases them.
  • Would clients like to help their beneficiaries avoid a large, one-time tax burden their deaths?

For the Producer

A thorough beneficiary review is a value-added service you can offer to your client. It can pinpoint other needs and possibly lead to a new sale. Lead the discussion by asking questions such as:

  • Are your current deferred annuity products meeting your financial needs?
  • Do your current annuity products allow you to set how proceeds will be distributed to the beneficiary (for example, through a restrictive endorsement)?
  • Has your deferred annuity account value changed substantially? Should we discuss more optimal options for taxation and disposition of death benefits?
  • Are you worried about the tax burden and financial responsibilities that a lump-sum distribution of proceeds would place on a beneficiary?
  • Do you have other friends or family members who would benefit from a deferred annuity beneficiary review?

Asking the right questions and setting up solid financial plans arm you as a valuable resource. Your actions now can also open you up to sales opportunities down the road.

Sales and Marketing Toolkit

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Sales Concept Flyer

The Importance of Beneficiary Review

The Importance of Beneficiary Review (Fillable PDF)

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Connecting With Generation X

Connecting With Generation X (Fillable PDF)

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