Fewer employers are offering pensions these days, but your clients still need to secure their retirement. If they own businesses, chances are they're caught between a rock and a hard place - they want to keep operating costs low, but they probably also want to help their employees (and themselves!) save for retirement. A possible solution is using life insurance in qualified plans. Clients who participate in some qualified pension and profit-sharing plans as part of their retirement portfolio may be able to have the plan trustee use their dollars to purchase a life insurance policy. It's a little-known strategy, but one that can pay off with thousands of dollars of savings for your client.
How It Works
Life insurance bought within a pension or other qualified retirement plan is often less expensive for your client than buying a policy with after-tax dollars. If their pension plan buys and owns the policy, your client never has to pay out-of-pocket for coverage. Your client will have to pay tax on the economic value of the coverage, which increases as he or she ages. In most cases, the tax cost is far less than the policy's annual premium.
- Click here for a complete list of the carriers we work with.
- Bookmark the Carrier Updates section of our blog for the latest carrier marketing pieces, form updates, and more.
Retirement planning is a big topic, and your client probably has questions you can't answer right away. If you need help with illustrations, concepts, or strategizing, feel free to contact us.
- Call us at 1-800-823-4852 and ask to speak to a brokerage director.
- Click here to email us.
- Click here to email our benefits team.
Retirement Planning Solutions - Become a Pinney Partner
Retirement planning is a big part of what we do, but we have a lot more to offer. We also provide back-office support and application fulfillment for agents and agencies, along with best-in-class technology solutions that make selling faster and easier. If you want to spend less time on paperwork and more time with clients, we can help.
- Click here to download our media kit. In it, you'll find executive bios and social media links, our services, and contact info.
- Get a free 30-day trial of Insureio. This is the CRM we use in our office, and it's designed specifically to reduce paperwork and save time through systematization and automation. It's a game-changer.