Sound annuity case design begins with a clear picture of the client. Before comparing annuity options, start with what your client is trying to accomplish. Their priorities can help narrow the options worth considering and give you a clearer direction for case design. From there, you can compare each annuity’s features against what your client actually needs rather than trying to make a particular product fit.
Clarify Your Client’s Priorities
Start with the role this money needs to play in your client’s retirement plan. Income, potential growth, protecting what they’ve already accumulated, and access to their money may all be considerations. One client may prioritize a future income stream, while another may want access to a portion of the money for an unexpected expense. Knowing when and how your client expects to use the money can help you focus on the contract features that matter most and provide a clearer foundation for matching products to client goals.
Compare the Features That Matter for the Case
Once you know what your client needs, you can begin a more focused product comparison. If future income is a key priority, take a closer look at the income features available within the contracts you’re considering. If access to money is especially important to your client, withdrawal provisions and surrender periods may carry more weight.
You don’t necessarily need every available feature to be attractive. What matters is how the features work together for this particular case. This can also help keep the number of annuity options manageable. Instead of presenting a long list of annuities, you can spend more time evaluating the ones that best align with the client’s stated priorities.
Take a Closer Look at the Tradeoffs
A feature that addresses one client’s priority may come with terms that affect another. That’s why it helps to look at the contract as a whole. For example, an annuity may have features that support the client’s retirement-income goals while also including withdrawal provisions that need to be considered based on how much access the client expects to need. Those details can affect how well the contract fits the overall plan. This part of case design isn’t about finding a product with every possible benefit. It’s about understanding what your client would be getting, what limitations or tradeoffs come with it, and how those details fit together. This is also where carrier evaluation matters. The issuing carrier should be considered alongside the contract’s features and terms as you determine whether an option fits the case.
Check the Fit Before Moving Forward
Once you’ve narrowed the options, return to the client information you started with. Do the contract’s features line up with your client’s priorities? Does your client understand the potential limitations and tradeoffs? Do the timeline and need for access to the money still make sense with the option you’re considering? These suitability considerations keep your client’s circumstances at the center of the process. They can also bring something to your attention that deserves another look before you discuss a recommendation.
Make the Comparison Easier to Follow
Good case design gives you a way to organize an annuity case around the person you’re serving. Start with your client’s priorities, identify the features that align with those priorities, consider the tradeoffs, and review the carrier and suitability of the option before moving forward. That process can make your own evaluation more focused and help you have a clearer conversation with your client about why you’re discussing particular annuity options. A disciplined comparison makes the annuity conversation clearer for everyone.
Have an annuity product question for one of your clients? Call Brian at (800) 849-5520 or email [email protected].