Last week, I shared a few outreach ideas that you can employ to jumpstart your business for next year.  I intentionally omitted a couple in order to elaborate on one of them this week.

This week, I will talk about reviewing your book of business. 

The best prospect is always an existing client.  You already have that relationship and that shortens the time from discussion to action.  I am not going to bore you with more than that statement.  But, I am going to share with you a “target client” profile or two.

The first one is someone who is or has been a caregiver – they know what it is like.  They are more likely to take action because (in most cases) they don’t want their kids to end up being a caregiver like them. It doesn’t matter their gender – what matters is that they have the experience which is their motivation.  Age, health, and finances could be a factor so pay attention to these factors.

Next, look at clients who are healthy(ish), have a heavy position of qualified money, and are between 59½ and 80. You can reposition a portion of their qualified money into their long-term care funding plan.  And, one spouse can fund a plan for both spouses – equal access, equal benefits.  For those clients of Required Minimum Distribution age, the strategy may help with RMDs as well.

Another thing to keep in mind for qualified money is applicable to nonspousal beneficiaries.  The SECURE Act requires a liquidation of their inherited qualified money within 10 years.  Here, you can apply some of the proceeds into the qualified money strategy even if the beneficiary of the qualified plan is under 59½.

Finally, look for clients who own nonqualified deferred annuities that are not being used for income and are likely to be liquidated in order to pay for LTC support and services when they are needed AND are age 87 or younger.  A simple 1035 exchange into an Annuity Care product can produce a tax-free LTC benefits that grows at a modest rate every year.  And – if they don’t use it for LTC, they pass it to whomever they wish (just like their existing annuity). 

Next week, it’s about plan review. Contact my internal sales partner Kelley Hilliard at (844) 623-4251 or via email at kelleyhilliard.isp@oneamerica.com for more product information.