The following is part of the 5 “What Ifs” of Retirement toolkit we’ve developed for licensed insurance agents. The toolkit focuses on five of the biggest questions people should have on their minds as they approach retirement. The kit contains everything an insurance professional would need to work with clients to provide solutions to their retirement needs. The toolkit includes point-of-sale materials, fact finders, mailers, a presentation, and more.

If you are interested in having access to this complete kit for prospecting and working with clients complete the form below.

Life is full of “what ifs.” No one can know with complete certainty what they will face on the road ahead, and creating a well-rounded strategy helps a person be prepared. Setting the foundation for a more secure financial future for each client is accomplished by asking and addressing the top retirement questions.

  1. 1. What If Social Security is Reduced?

    The average American’s life expectancy is over 20 years longer than when Social Security was founded in 1934.1 In fact, according to the Society of Actuaries, today’s 65-year-old female will, on average, live another 21.6 years. While a 65-year old male will, on average, live another 19.3 years.2 These additional years are both a blessing and a burden since this puts more strain on savings.

    When a client reaches retirement, their income typically comes from three areas: government programs, employer programs, and their own personal assets. A major concern for clients preparing for retirement is – what will happen if their Social Security benefit is reduced?

    As the baby boomer generation begins to enter their retirement years, a shift occurs in the ratio of taxpayers to retirees. This means there won’t be enough workers paying into Social Security to fund the benefits being paid out of Social Security. Social Security is fully funded until 2034, and after that it is only three-quarters financed.3 It is important that Congress act well before 2023 to strengthen the finances of the program as a whole.

    While it’s unclear what will happen to Social Security in the future, it’s important for your clients to note that Social Security was never meant to be a retiree’s sole source of retirement income. Regardless of any change in future benefits, the fact is that Social Security only provides – and was always intended to provide – a portion of retirement income. In addition, while past generations of retirees could rely on a company pension to help fund their retirement years, a recent study shows that only 4% of companies still offer an employee pension program, shifting much of the responsibility to the individual.4

    Clients preparing for retirement must consider other sources of guaranteed income to close the gap between their expected retirement income and expenses.

    If you are interested in having access to this complete kit for prospecting and working with clients complete the form below.

  2. 2. What If I Am Unable to Take Care of Myself Due to Health Reasons?

    While we are living longer, we are not by any means living disease free, particularly in old age. Critical illness is a real risk and survival poses a financial impact. In fact, 43% of men and 38% of women are diagnosed with cancer in their lifetime. Eighty-five million Americans live with cardiovascular disease, and every 40 seconds, a person suffers a stroke.5 Thanks to medical advances in the treatment of heart disease, cancer, and stroke, millions of Americans who would have quickly perished in past decades are either recovering or living longer with disease.

    Many chronic conditions require long-term care for a short or an extended period of time. One’s savings, assets and insurance are quickly consumed by expenses for assisted living facilities, in-home nursing care, as well as ongoing medical care (doctor visits, tests, prescription drugs, hospital fees, etc.). These expenses indisputably affect a person’s standard of living.

    If you are interested in having complete access to our 5 “What Ifs” of Retirement kit for prospecting and working with clients complete the form below.

  3. 3. What If I am Confined to a Healthcare Facility?

    According to a recent study, approximately 70% of people over the age of 65 need to pay for health care-related services at some point in their lives. This includes living in an assisted living facility and/or a nursing home.6 While other insurance products provide supplemental income to help pay for these health-care related costs, they can be expensive and difficult to obtain, depending on the person’s current health condition.

    Although many of these expenses are covered by Medicaid, a person must use their own savings first before Medicaid coverage will start.

    The annual average costs for an assisted living facility is more than $43,000 per year, with annual nursing home costs averaging more than $253 per day.7 Smaller costs that add up are often overlooked regarding these facilities, including laundry, housekeeping, and meals.

    If you are interested in having complete access to our 5 “What Ifs” of Retirement kit for prospecting and working with clients complete the form below.

  4. 4. What If I Don’t Live a Long Time?

    As a person’s health situations change during their lifetime, so do their retirement needs. Critical illnesses are an unfortunate part of our health landscape today, and have a major effect on a person’s retirement plans.

    With these kinds of huge costs, it is expensive to treat certain types of illnesses, especially if they become terminal. With a life expectancy of a year or less, a person with a terminal illness has many things to consider. Traditional life insurance is intended to protect against the loss of a person’s income when they pass away, and it’s important to consider the additional needs for funding long-term care, final expenses, and future expenses for the surviving family.

  5. 5. What if I Live a Long Time?

    During the Great Depression, the average life expectancy was 61 years for women and 58 years for men. The retirement age of 65 was already elderly for most folks. Today, with life expectancies at 86 for women and 84 for men, people are living 20 years longer into retirement. Many people underestimate how long they will live, putting strain on personal savings and increasing the likelihood of outliving their assets.

    Transitioning into retirement presents many challenges for people. Most Americans fall short of the amount of savings required for a comfortable retirement – if they are saving at all. Fifty-six percent of the country has less than $10,000 saved for retirement, with 1/3 of Americans reporting having none at all.8

    In addition, other factors cause assets to deplete faster than expected. Higher risk investments, inflation rising faster than expected, and lower interest rates reduce retirement income by lowering growth rates. A person could also have unexpected health care costs. Just living longer than expected could deplete resources, leaving a smaller legacy for heirs.

Creating a Foundation for a More Secure Future
The future is full of unknowns, but your clients’ financial future doesn’t have to be. Planning for potential events keeps their retirement on track. Whether their long-term objectives is building a source of guaranteed lifetime income, saving for a specific retirement goal, or leaving a legacy for loved ones, annuities and life insurance are designed to meet these needs.

These solutions are proven to help:

  • Generate a guaranteed stream of income for an entire lifetime
  • Provide a predictable, reliable source of retirement income for a surviving spouse
  • Bridge the gap to full Social Security benefits if your clients delay until retirement age
  • Cover unforeseen expenses as your clients get older
  • Create a lasting legacy for loved ones

If you are interested in having complete access to our 5 “What Ifs” of Retirement kit for prospecting and working with clients complete the form below.

Preparing for the “What Ifs”

  Unexpected Illness or Financial Emergency
Retirement includes a number of unexpected expenses that your clients need to address. From health care-related costs to caring for aging parents, the need for extra money always pops up. Supplement clients’ retirement plans with life insurance and/or annuities, and you’ll help them create a buffer for potential risks that would deplete their hard-earned savings.

  Die Too Soon
If a client dies prematurely, a life insurance policy or annuity contract pays the beneficiaries the death benefit, leaving them more financially secure.

  Live a Long Life
Certain life insurance policies and annuities can create a “retirement paycheck” so your clients do not outlive their assets and rest assured they have money to maintain their standard of living. If a client becomes chronically ill, terminally ill, or requires long term care, optional accelerated benefit riders allow the insured to accelerate a portion of the death benefit while the client is still alive.

Creating a successful retirement plan involves income planning preparation, needs analysis, and risk management. Being armed with a strategy that considers all factors helps your clients leverage more of their hard-earned dollars and creates a “retirement paycheck” they can count on.


Planning for the future can often be complicated and full of uncertainty, but LifeAnswers helps address the “what ifs” of retirement and provide solutions for as long as your clients live.

Take the time to plan now, and ensure your clients have enough income to last through retirement.

If you are interested in having complete access to our 5 “What Ifs” of Retirement kit for prospecting and working with clients complete this form:

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1 Social Security History. Accessed March 3, 2017. View Source.

2 Source: Social Security Administration. Calculators: Life Expectancy. Accessed January 16, 2017. View Source.

3 Social Security Matters. Accessed June 22, 2016. View Source.

4 CNN Money. Ultimate Guide to Retirement. Accessed January 16, 2017. View Source.

5 Benefitspro. Accessed May 23, 2016. View Source. American Association for Critical Illness Insurance. Accessed February 17, 2017. View Source.

6 LongTermCare.gov. Accessed March 3, 2017. View Source.

7 Genworth 2016 Cost of Care Survey conducted by CareScout. Accessed May 5, 2016.

8 Employee Benefit Research Institute 2016 Retirement Confidence Survey. Accessed March 2016, pages 5,15.