2020 will probably be the year with the most Required Minimum Distributions (RMD's). 2020 brings about RMD's for the oldest baby boomers born at the beginning of this group in 1946. Many of these "boomers" don't even want the money, but they have to take it. This is not only true for boomers, but for many people that have had to receive this money for years. You see, many of these retirees have that money earmarked to be passed down to others... or to keep in the case of emergencies. So, what to do?
Well, I see so many RMD's coming out of policies. Some say that the average RMD is about $7500. What a wonderful time for review and show them a couple "RMD Rescue" plans. Here’s an example:
70 year old female has $7500 coming out of the qualified plan. We then place in a single premium life policy that gives a death benefit of around $13,000. So, we have almost doubled the amount to be passed down, tax free. We also gave a return of premium so there is no pressure on the client... money is always available.
Hard to get? Nope – an on-line app, several "knock out” questions, underwriting decision in minutes (yes, minutes not months) and the policy sent in PDF form the next day. The company is rated excellent by AM Best and offers very strong commissions.
Come on, you probably owe your client a review. This is a great opportunity for you and your client. And, this is where you will get referred leads.
Until next time... good selling!
Well, I see so many RMD's coming out of policies. Some say that the average RMD is about $7500. What a wonderful time for review and show them a couple "RMD Rescue" plans. Here’s an example:
70 year old female has $7500 coming out of the qualified plan. We then place in a single premium life policy that gives a death benefit of around $13,000. So, we have almost doubled the amount to be passed down, tax free. We also gave a return of premium so there is no pressure on the client... money is always available.
Hard to get? Nope – an on-line app, several "knock out” questions, underwriting decision in minutes (yes, minutes not months) and the policy sent in PDF form the next day. The company is rated excellent by AM Best and offers very strong commissions.
Come on, you probably owe your client a review. This is a great opportunity for you and your client. And, this is where you will get referred leads.
Until next time... good selling!
RSS Feed