- Hey everyone, it's Randy Pierson,
Vice President of Life and Annuities for Gordon Marketing.
And I wanna welcome to you to another episode,
of Selling Life and Annuities.
Today we're gonna cover a very interesting topic
and that is finding the highest
guaranteed income for your clients, stay tuned.
(bright upbeat music)
All right, Tim.
So I've got Tim Luby,
Regional Vice President of Life and Annuities
for Gordon Marketing with us today.
And we're gonna cover a very important topic,
in today's environment.
10,000 seniors turning 65 every day,
and one of the principle concerns that they all have,
is funding their retirement for the rest of their lives,
and making sure they don't outlive their money.
So Tim, talk to us for a minute about this subject.
What are you seeing in the marketplace,
in this whole guaranteed income issue?
- Yeah, it's probably one of the newest areas
in the business in terms of having grown for a long time.
As an industry, we've done pretty well
at accumulating assets for retirement,
financial services industry overall,
but converting those retirement assets
into a really effective income for retirement,
that addresses the risks that we face there
is kind of a new challenge.
And the Annuity Industry has really served up
to meet that challenge really well.
- Yeah, you mentioned a word risk there, right?
When we're talking about risk mitigation, addressing risk.
That's what the insurance industry is all about.
And so, within annuity products and addressing risk,
assuming once again the biggest one being
the potential of outliving your money.
How, what are the products out there,
how are we addressing as an industry, that issue?
- Well, we've got a whole cadre of new options
for giving a client an income that they cannot outlive.
Ensuring that their income will last
as long as their breath does.
And they say the number one fear that Americans have,
is running out of money before they run out of breath.
And only annuities can do that.
It's the only thing in financial services that one can buy
that will give him an income
that completely takes the longevity risk off the table,
and ensures that their income will in fact last
as long as they live,
or their, the wife live, if had a spouse.
- All right, so, every client is different, right?
Age differences, amount of assets are different.
How do you take all those differences
and kind of evaluate them to determine once again,
the best product?
- Yeah, that's a great question.
And we are fortunate to have some really good tools
at our disposal that will help do that.
We have calculators
if we're looking at an immediate annuity,
they'll give us the very highest guaranteed income
that are made at annuity.
What are you doing for a period certain
for a couple's lifetime.
We also have some really good comparison tools
on the income rider side,
which is sort of the newest arena in annuities.
And these are guaranteed income
that can last as long as you live.
And we've got some tools available
that'll give us the very highest incomes
that are available there side by side.
You can know that we're giving you the best solutions
available on the market for the income that you're after.
- Okay, so we performed some analysis,
we take the information maybe an agent's fact finder,
put it on our hands, we perform some analysis,
so you take that analysis.
What specifically are you doing with regards
to determining which of the myriad of carriers
and products are out there
that are best suited for that situation?
- Yeah, we calculate it the pieces that have come up,
even if it is their age, importantly.
And then when they're gonna turn income on.
So, for a 65 year old that's turning on income now,
that might be a very different win than a 55 year old,
that's gonna turn income on in 12 years.
But it's that, it's the age, it's the step,
the roll-up rates, the rate which the income benefits
will grow and also the withdrawal factors.
All of those kind of combined
to result in the very highest income.
- So let's talk for a minute, a little bit about,
if you say you've got a client with some assets out there,
some investible assets,
assets that are identified for retirement
that consumer's got a lot of options, alternatives, right?
Investment products, assets under management scenarios.
Let's talk a little bit about some of those alternatives
and the nuances between them and perhaps in our world
and the insurance world,
the advantages of annuities.
- Right, probably the biggest two advantages
to annuities against the other alternatives
that are available on the market,
one is the lack of market risk.
That's really important. - Certainly.
- All the guaranteed income solutions that we offer,
none of them have any downside market risk.
That's really important.
And the second thing is the fact
that the income could be guaranteed.
Guaranteed perhaps for as long as they live.
Those are probably the two most distinguishing features
about the annuity that are gonna appeal most,
to make the biggest difference
in that client's retirement plan.
- When I was in a meeting recently,
where you were speaking you were talking
a little bit about some of the other options,
some of the other benefits of products that are out there,
like nursing home writers, and some of those features that,
investment products or your broker on that corner, right?
Is trying to get you to invest in stocks or bonds
or assets or manager.
They can't provide those types of scenarios, right?
- No, - So,
- No we've got guaranteed incomes,
that are gonna tie all the I's cross all the T's,
but still have be able to address some of the other risks.
Like you mentioned, long-term care, for example.
Outstanding alternatives that will help address
long-term care within the confines
of a really well-developed retirement.
- One of the least addressed insurance needs
of consumers in America today,
we've got solutions for that.
So listen, if you're an advisor out there
and you'd like to learn more about some of these scenarios
or you've got a case that you'd like us to assist you on,
certainly reach out to Tim Luby our RVP of Annuities,
and or myself I'd be more than happy to assist you,
here at Gordon Marketing.
But for now, we're going to call this episode
to Selling Life and Annuities to an end.
Make sure you subscribe at the bottom of this video,
and click the notification bel,
so that every time we come out with new content,
you're notified.
We'll see you next Tuesday.
Thanks for watching.
(bright upbeat music)