The Standard is a marketing name for Standard Insurance Company (Portland, Oregon), licensed in all states except New York. Products and availability vary by state and are solely the responsibility of Standard Insurance Company.
New Year, New Reminder -- Offer a Beneficiary Review Now
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
Download these flyers and customize on your own desktop.
|Sales Concept Flyer|
The Importance of Beneficiary Review
Connecting With Generation X
Annuities are not (a) insured by the FDIC or any federal government agency, (b) deposits of or guaranteed by any bank or credit union and (c) a provision or condition of any bank or credit union activity. Some annuities are subject to investment risk and may lose value. A surrender charge may apply during the surrender period, and a 10% penalty may apply to withdrawals prior to age 59½.
You are leaving Standard.com to visit a website hosted by ImagiSOFT, our partner for illustration software.
You can currently run Index Select Annuity and Focused Growth Annuity illustrations. For CA versions, other products or SPIA illustrations, please call 800.378.4578.
Jared's Story: Time for Family
Age: 36 - Occupation: trial attorney - Married, one child
How the Family Care Benefit provided the ability to care for a loved one
Jared's daughter was born with a heart defect. They visited multiple specialists to diagnose the condition and determine the appropriate treatment. Then his daughter underwent surgeries, hospital stays and months of follow-up appointments. Benefits from Jared’s Platinum Advantage policy helped make up for the income lost when Jared spent time away from work to attend physician appointments and to be with his daughter in the hospital and throughout her extended recovery — providing peace of mind during a trying time.
Supportive Office Equipment
Age: 42 - Occupation: accountant - Married, no children
Assistance on the road to recovery through a rehabilitation program
Jody's role as an accountant at a small firm requires a lot of computer work. After sustaining a serious back injury from a car accident, Jody was totally disabled under her Platinum Advantage policy. Jody’s doctor recommended she purchase assistive equipment to help her work comfortably at her desk without aggravating her condition. She was able to return to work full time after participating in a rehabilitation program in which expenses for a sitstand desk and other ergonomic accommodations were paid for under her Platinum Advantage policy. These modifications helped ensure she could return to work safely, without hindering her recovery.
David's Story: Starting a Medical Career
Age: 33 - Occupation: dermatology physician - Single, no children
Benefits that match career growth through the Benefit Increase Rider
David is completing his dermatology residency and just accepted an offer at a private practice. Before the end of his residency, he purchased a Platinum Advantage policy that included the Benefit Increase Rider, knowing his income will rise significantly after he starts his first post-residency job. The benefit also will allow his policy to grow with him as he progresses in his career and receives additional salary increases. David values the fact that his coverage going forward will match his developing career.
Jason's Story: Accidents Happen
Age: 35 • Occupation: orthopedic surgeon • Married, two children
Finding work in a new occupation with the Own Occupation Rider
Jason injured his right hand in an accident and was unable to return to his job as an orthopedic surgeon because he couldn't perform surgery. Due to his medical training, he was able to return to work as a family medicine physician. Jason was considered totally disabled in his regular occupation as an orthopedic surgeon — even though he earns an income from another occupation as a family medicine physician — because of the own occupation definition of total disability included in his Platinum Advantage policy. Because of this, he receives the policy's full basic monthly benefit, in addition to the income he receives in his new position.