Filed Under:Your Practice, Practice Management

One solution to the RMD dilemma: Life insurance

You will be amazed by the number of affluent boomers who are not aware of government RMD rules.
You will be amazed by the number of affluent boomers who are not aware of government RMD rules.

A recent survey of over 3,000 agents and advisors from across the country were asked, “What is it that keeps you up at night?” The majority (57 percent) responded with “prospecting to those that have a need and the money to solve that need.”

Unfortunately, the industry has allowed the life insurance sale to become a commodity (transaction) sale. In the many cases, prospects research products on the Internet, then informs the agent how much, and the type, of coverage they want to purchase.

While a good percentage of the boomers will need income from their qualified plan, the more affluent boomers will not. Since the more affluent have been successful creating other sources of income, typically their plan is (or was) to leave the qualified plan to the kids, grand kids, church or charity.

You will be amazed by the number of affluent boomers who are not aware of government RMD rules. When you educate these boomers about the rules and the various solutions available to them, you position yourself to solve a problem that other advisors are not informing them about.

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Nichole Morford

Nichole Morford
Managing Editor

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