Annuity Max: Transferring Wealth to the Next Generation

Last week, we were thrilled to welcome Pat Kane, Regional Vice President of Life Brokerage at Principal Financial Group, to talk about maximizing clients’ legacies.

For clients who have already built a solid retirement portfolio that includes an annuity, it’s all about maximizing what gets to the beneficiary if the person with an annuity passes away. They’re going to be taxed, and we can roll the assets into different vehicles to reduce the tax liability.

For example, if a client has an income annuity and no longer needs the income, we can use the annuity to pay the premium for a life insurance plan over the course of 10 years. This 10-pay plan creates a tax-free death benefit, turning the income annuity that is no longer needed into a life insurance plan that builds their legacy.

One of the reasons we work so closely with Principal Financial is that they have a full suite of products to adapt to clients’ needs. If the client is going from a Principal annuity to a Principal life insurance plan, they don’t have to do much besides sign off. It’s all handled in-house. However, we work with a full range of carriers to ensure that we can always find the best solution for each individual client.

Ultimately, that’s what this is all about: repositioning assets for the client’s needs today. Your clients may have annuities or policies that met their needs 10 years ago, but their needs have changed since then. Moreover, the industry has created numerous new products in the last few years, so even if their needs haven’t changed, there may be a new product available that meets those needs better. Having a conversation during policy review is critical; even if they don’t need to make a change, your clients will have confidence that their assets are positioned properly to maximize their legacy.

At Fortify, we excel at putting together packaged solutions to maximize the legacy. We know how to cultivate the right solutions for any situation and can often take advantage of accelerated underwriting to reposition those assets quickly. Moreover, we illustrate our solutions conservatively, which means they’re likely to overperform.
Don’t miss this opportunity to maximize your clients’ legacies. If you missed the webinar, watch the recording above or contact us to speak with a Fortify protection specialist.