Payout annuities provide clients with a guaranteed income stream to help them take care of day-to-day expenses, and allow clients to enjoy life the way they want to with one less worry.
But what if you have a client with a sensitive medical situation, someone with a shorter time horizon that could benefit from the guaranteed income an annuity provides? For example, if you have a client who is entering retirement and has severe diabetes, then what would you offer them? Do you have a conversation with them about annuities?
In certain cases, and if it’s appropriate for the client, having a conversation about an Essential Care Annuity may be a good idea.
What is an Essential Care Annuity?
If your client is suffering from a serious health problem this type of annuity may be able to provide them with higher income than a regular annuity to help meet any additional day-to-day expenses. For clients with a life shortening health condition, it’s a simple, management-free solution that will help your clients worry less about their income and focus on what really matters to them.
Having the conversation
Having a conversation about annuities with a client who is coping with a serious illness is potentially difficult and requires the utmost sensitivity to their needs. However, it is important to remind yourself how they can benefit from an Essential Care Annuity. Your client is looking to make the most of their time in retirement, and if they qualify for an Essential Care Annuity they can have higher guaranteed payments, or a lower premium than with a regular annuity.
Talk to your clients about how they ultimately want to spend their time and any unique expenses they may need to plan for. Helping these clients find solutions to cover the financial aspects of their lives allows them to spend their time with family or doing the things they’ve always wanted to do.
Who qualifies for an Essential Care Annuity?
A client must be underwritten to determine if they qualify for an Essential Care Annuity. To qualify a client’s impairment should be severe, permanent and progressive. To help understand some of the health impairments that may qualify visit the Sun Life Financial advisor website.
Who to talk to
To learn more about an Essential Care Annuity, and to determine if this might be the right solution for your client, talk to a Sun Life Sales Director.