Genius CRM: Annuity Proposals That Close Save My Seat
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Part 3 of 4

"What would my kids get?"

Ask about the death benefit, the amount paid to named beneficiaries, as a lump sum and as periodic payouts.

  1. 1.

    Paste the case and send it. It runs two quotes, which spend credits.

    Using Annuities Genius: my client is a 72-year-old widow in Missouri with $200,000 of non-qualified (after-tax) money. She asks what her two children would get if she dies. I'm an independent agent paid by commission. Assume life expectancy 88 and tell me you assumed it. Run the death benefit quote twice, as a lump sum and as periodic payouts. Use carriers rated A- or better. If the best three results are one product family, add the best from other carriers. Flag any fee-based (Advisory) product. Show the rider terms behind each figure. Show what only the beneficiaries receive and what she can take herself. Leave tax to her tax adviser.

    Select the text and copy it.

    Use only products available through an authorized channel. Choose by client needs, not compensation.

  2. 2.

    Read the rider terms behind each figure. The figure moves with the life expectancy you give.

    A longer life expectancy can raise the figure, but only up to a point. The rider terms show why. Confirm it in Annuities Genius.

  3. 3.

    Check the ratings, and whether the first three results are one product family.

    If the first three are one product family, ask your AI to add another carrier.

You're done when each payout type shows a figure, its rider terms and the carrier's rating.
Watch out: For a nonqualified annuity, gain is generally ordinary income to the beneficiary with no basis step-up. Before income starts, a nonspouse beneficiary generally has two choices. They can complete distribution within five years or start qualifying life-expectancy payments within one year. A surviving spouse can generally continue the contract. An annuity inside an individual retirement account (IRA) follows inherited-IRA rules. Many nonspouse beneficiaries must empty it within 10 years. Ask her tax advisor to confirm timing and tax.
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