Most likely, your clients don’t know June is National Annuity Awareness month. That’s because most clients are not looking for a retirement product, they are pursuing their retirement priorities.
While client values may differ wildly from one to another, a recent LIMRA study reports more than a third of pre-retirees share a similar mindset. Based on what income product features clients value most, the study identified 36% of pre-retirees as income seekers. This is the largest cohort in the findings, and their top preferences can serve as a guide for matching annuity benefits with client priorities.
As a group, income seekers tend to have less than $1 million of investable assets. They believe employers should help convert workplace retirement savings into retirement income and many already own a deferred or immediate annuity. Also, they are considering turning assets into a lifetime annuity.
As a retirement income product, fixed index annuities can bring a lot to the table for income seekers. Aligning your messaging to products and features relevant to their preferences can help you focus your outreach. For example, an overwhelming preference for lifetime income may put more weight on lifetime income benefit options.
Every product benefit holds value for the contract owner. But, what’s of primary importance to one client may not be to another. Annuity Awareness Month is an opportune time to get the conversation going about what’s important to your clients and how these products can help.
American Equity’s line of fixed index annuity products and lifetime income rider options offer a combination of benefits to meet your client’s needs, wherever they are in their journey to and through retirement.
Whether it’s building up assets for retirement or preserving income for life and securing a legacy, we’ve got you covered with our AssetShield and IncomeShield fixed index annuities. For more specific information on products and resources on features, visit our product pages.
American Equity does not offer legal, investment, or tax advice. Please consult a qualified professional.
*LIMRA. “Behavior Finance and Retirement Income Preferences” 2020. Annuity contract issued under form series ICC17 BASE-IDX, ICC17 BASE-IDX-B, ICC17 IDX-11-10, ICC17 IDX-10-10, ICC17 IDX-10-7, ICC17 IDX-10-5 and state variations thereof.