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Recent Widow
- client age 78
- adult children live out of town
- concerned about future health care costs and wants to stay in her own home
- health concerns- controlled diabetes with history of heart disease
- income is enough to cover living expenses and liquid assets provide 6-month emergency cushion
- exiting variable annuity valued at $100,000 that is no longer needed for retirement and no longer fits her risk tolerance profile
Solution:
- 1035 exchange into Long-Term Care Fixed Annuity which provides LTC benefit pool of $300,000
- Benefits are paid up and guaranteed
- Provides home and facility care coverage
- She has now protected her income from an unexpected long-term care event
Highly Compensated Doctor
- client age 60
- strong concentration of portfolio in aggressive investments
- limited lifetime income guarantees other than social security
- he would like to work less if possible, starting around age 65
- concerned about future market risks and would like some diversification
Solution:
- Reposition $2 million of existing cash and low yielding investments into a fixed annuity with guaranteed lifetime income rider
- $227,250 annual income available at age 65, $300,100 if client decides to wait until 70 to start lifetime income payouts
- Income is guaranteed to grow during deferral and lifetime income payout can be started anytime which provides flexibility for retirement
- Cash value and death benefit remain growing and are not subject to market or interest rate risk loss
- Client has peace of mind knowing that a baseline of lifetime income is secured
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American Council of Life Insurers (ACLI) Responds to Social Media Misinformation About COVID-19 Vaccine
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