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How Do You Present the Need for Retirement Savings to Clients?

Many of us assume that we could easily place ourselves in the shoes of our clients, but that’s not always the case. The longer that you make a living selling life insurance, the more times that you will explain the same issues to clients. It’s easy to start sounding like the loudspeaker on a Charlie Brown cartoon, and that’s where you can lose clients. To be effective at selling this kind of financial instrument, you have to change things up. You must find ways to spice up the sales approach and keep clients, old and new, engaged in the sales conversation. Each conversation affects your bottom line. At the end of the day, you know if you did your best or just sounded like an automaton listing the benefits of the product. We wrote this blog post to help you consider the clients’ perspective. They have many factors that affect planning for their retirement savings:

Encourage Clients to Evaluate Their Situation 

If clients look around their home, it could be the first home they bought or the one they traded up to when the kids came along. A home is full of memories, and it is a safe haven. If something ever happened to their home, your clients would likely feel devastated, but they could eventually rebuild. That’s what home insurance is for. At that point, they would feel grateful for their health and the health of all family members. They could, however, want to find ways to manage their money differently after realizing that insurance doesn’t cover a home’s total replacement costs. They could count on their insurance agent for sound advice. They could eventually solve their problems.

Assume Your Role 

You are in the same role as the property insurance agent in this scenario. You are a guide to clients even though you can’t be sure of their future paths. There are many unexpected situations that could affect the amount of money they will need to live on until their deaths. The only difference is that you want to help clients prepare for the potential disaster of running out of retirement savings. This may be real concern for many people who will outlive their savings and whose standard of living won’t be covered by their monthly Social Security benefit. Your clients don’t want to find themselves having to work into their seventies or eighties or whatever their case may be. They also don’t want to become dependent on their children and their grandchildren for their basic living expenses. They want to control their finances for as long as possible. Your role is to help clients build confidence in their ability to save for the future. The secret is planning right now.

Paint the Picture

Your clients have much to lose by postponing planning for retirement. If they are young now, they could grow their retirement savings many times over by the time they reach the age of 60. If they don’t save now, they could have a harder time getting ready for retirement with only a few years left in the workforce. No one wants to be in this position. Ask clients to articulate what level of living they would like to have in the golden years. Some will want to stay in their home, presuming it is paid for, and afford its upkeep. Others will want to scale down and move into a small condo or a manufactured home. Most will want to have the flexibility in their budget to visit their grandchildren more, which means their living expenses will be less.

Your clients need you to make the process of planning for retirement both interesting and helpful. Guide them towards putting away enough money for retirement, especially by projecting their life expectancy according to the latest numbers and estimating their expenses through that age.

Contact Simplicity Life today to get additional information on other options for positioning retirement to your clients. 800.921.3100








The information contained herein is for general information purposes only. Simplicity Life is not to be held responsible for the accuracy of this information. Neither Simplicity Life nor its employees provide tax or legal advice. As with all matters of a tax or legal nature, your clients should consult their own tax or legal counsel for advice. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax adviser.

The information, statistics, and opinions reported herein are from sources believed to be reliable. However, Simplicity Life and the author of this blog do not guarantee the truth, accuracy, and reliability of any source, fact and/or statistic cited and no do necessarily agree with any opinions expressed by such sources.

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