Med sup client's conversation starters to annuity sales

[SamIam]

How are you bringing up annuities up with Medicare Supplement clients, my word track seems choppy.

 

[Tahoe Ray]

How are you bringing up annuities up with Medicare Supplement clients, my word track seems choppy.

First off, make sure that you have the fact that you offer annuities on everything consumer-facing.

Website, email signature, mention it in your newsletter (or whatever ongoing marketing you have to your book).

Trying to have the discussion organically is often the best. Anytime someone mentions money, you can bring up the annuity conversation.

MYGAs are the easiest to get started with. You're really just trying to beat what they already have at the bank. Explain how you help then tell a really quick story. Then ask for the business:

"Sam, before I let you go (assuming you were speaking with your client about their medicare or something else), I just wanted to let you know about another aspect of my business that it seems some of my clients have been unaware of. In addition to helping my clients navigate medicare, I also help them safely grow their money with no-fee fixed annuities. A lot of my clients have CDs that mature and they're just rolling them over. Well, they're paying taxes on the gains and eventually interest rates will recede and they'll be stuck with lower rates. I help those clients find better rates than the bank will offer, all with highly rated companies. That money will grow tax-deferred and those higher rates will be locked in for as long as you like."

"I just helped a client who was looking at putting 150k into a 5 year CD paying 4.8% and I was able to get him 5.5% with no fees and tax deferred from an A rated insurance company."

"Do you have any CD or CD-type money coming due in the next few months? I'd be happy to show you how I'm helping some of my other clients?"

If they say no, just remind them that when they do, you can show them a few alternative options.

You can get into indexed accumulation and distribution strategies from there. Legacy planning (like annuities with guaranteed increasing death benefits and LTC leverage) also comes into play.

But I'd start with MYGAs, they're the easiest to position and to discuss.

Good luck.

 

[walthamny]

Everything above. You can also ask questions that trigger annuity sales. If they are buying MS that means they have income and most likely assets. So the question DO you keep your CD's with a local bank or shop them around. Notice I did not say annuity. If they say locally just go for the MYGA sale. When is the next CD coming up, what is the money for. Would you be interested if you could qualify for a higher rate than what the bank is offering. If they say shop around now I will use the word annuity. How do you shop around for the best CD and annuity rates. DO you have an advisor actively helping you or you research on your own. It wont work all the time but if you have already built rapport you will make progress in getting the annuity sale over time. If they are shopping around they have heard annuities before.