59 year old Client. Need Help!

[DHK]

Now to be fair, he could use a GUL for a death benefit for the spouse, but you stated he wants something "HE could start saving for retirement" you did not say he wants to provide a DB for the spouse. You also stated "he doesn't need to leave the kids anything"

What the client may have said he wanted... and what might be best and realistic for him... may be two completely different things.

If you let the client be the planner, then you are limiting your role to what he things you can do for him. (That's one of the problems with positioning yourself as a "life insurance agent" - you are positioned as someone who sells policies, but not necessarily someone who brings bigger ideas to the table.)

If YOU are the planner, then it's your job to bring new ideas into the mix for consideration.

In a way, it almost doesn't matter what he says he wants, when the problem is retirement income planning and no cash assets (per the OP). Obviously with these priorities, leaving assets to grown adult children isn't even in the picture for consideration.

Bring the bigger and better ideas to the table and the relationship - stretch and challenge his mind - but ultimately let him choose what would make the most sense for him and his situation.

 

[62Dodd]

Not being judgmental at all. Just using the facts you provided. You're right, many people are in the same boat. Of course, he could use a life policy for DB for spouse and CV for retirement, but at age 59 what would the premiums be to build correctly? If he can't afford to fund an annuity, as you stated, how will he fund a life policy now, or when he retires, for sufficient CV and DB. I'm sorry you don't appreciate my input. Peace!

 

[jboussea]

what kind of business does he own ? Let's start there.

 

[goillini52]

Love to help. What type of business does he own? We help business owners with cost remediation to enhance their profitability, and we also have an retirement program design exclusively for business owners only. If you think he should have a conversation with me, feel free to tell him to email me at [email protected].

Well I'll bdanged.

 

[LGilmore]

62 Dodd? So he should just screw his wife over? He was the bread winner, the "guy" to get er done and he didn't clearly. So he should really make sure his wife is screwed by not having coverage so when he dies before her, she's just screwed?

Steve20 has a hell of a situation because he has to get the guy pointed in as right a direction as he can. He might be able to only save one of the two. So let's try and make sure that happens. WL is out of the question at this age but GUL isn't. The GUL doesn't have to be a money generator as it guarantees a death benefit, even with no cash value to support it. He just has to make a level premium contribution. It's just lifetime term.

With a Gul to take care of his spouse, now he can concentrate the extra money he has towards a little more risk forward choices. Yes, qualified plans give him choices and he will most likely have to be in the market in an aggressive style. He will have to take a greater risk at his age than another person with savings would. All along the GUL helps cover the wife for his mistake. Yes, his mistake. He's not going to be able to retire at 65 and live off his investments that he started at 59. He's going to have to work, probably till he physically can't or drops over dead.

Unfortunately this guy is not alone. Lots of people have made this mistake. I think it was listed that 50% of the working population has no retirement savings. This guy's situation is more the norm than you might think. You hate these situations because often they present themselves with guys who have never practiced delayed gratification on anything, never drove an older model car/truck and they have no savings habits. They've made giant mistakes simply by not realizing they will live another 30-40 after they stop working.