Brian H. Ashe, CLU
Tuesday, July 22, 2008

Most people, regardless of age, say that term life insurance is best-suited for them because their needs aren’t permanent.  They believe that when they die, their finances will be under control.  When they are “older,” their debts will be paid off, their children raised, the value of their real estate higher and easy to sell, they will get an inheritance from their parents, and the stock market over the long run will produce good returns.  And these are reasonable assumptions.

However, real life experience shows that during most financial lifetimes, there is very little fundamental change.  Basic needs just seem to morph into similar – but renamed – basic needs, and are usually permanent.  For example, caring for children becomes college and then caring for aging parents and then their own medical costs.  Plus, the Employee Benefits Research Institute reports that about 75 percent of households with consumers between the ages of 55 and 64 have $56,000 or less, aside from the equity in their homes, set aside for retirement.

To manage risk of these basic financial needs, share the facts of real life with your clients and encourage them to consider that permanent life insurance really does make the most sense.  In what ways do you encourage these thoughts with your clients?

MDRT Immediate Past President Philip E. Harriman, CLU, ChFC
Tuesday, July 8, 2008

Some Baby Boomers will stay in the workforce longer due to poor planning for retirement.  Thanks to good health and education, though, others will choose to work beyond retirement age, on their terms.

In my June “That’s Life” column for Senior Market Advisor, I discuss the fact that Baby Boomers will fill the future worker void with an increased mix of job arrangements.  Already 30 percent of all Baby Boomers are self-employed, creating several financial implications.

Changing employment presents new financial problems—our support must adapt as clients’ needs change.  When changing the business dynamic, financial decisions arise that many have not faced in the past.

Small business owners can develop incentive and investment programs to retain key employees and your expertise can be used to match up experienced clients with new business-owners.

The U.S. Small Business Association claims 60 percent of the nation’s 6 million small business owners are at least 45 years old.  As they age, these clients must find a happy work-life balance and prepare to eventually sell the business.

Our “retired” clients could help us explore new territory and uncover clients from unique professions who might take the advice of a “peer.”  For Baby Boomers looking for flexibility and excitement, the financial services profession could be a great option.

Please read the online column to learn more.

MDRT Foundation President Patricia L. Krarup, CLU, ChFC
Tuesday, June 17, 2008

As the 2008 Annual Meeting approaches, MDRT representatives have made way for some quality playtime in Toronto.  With nearly 8,000 people expected to attend the June Annual Meeting, MDRT members wanted to leave their mark on the city in a special way. 

On Friday, May 23, MDRT President James E. Rogers and I helped welcome children of Toronto’s Regent Park community to a new $70,000 state-of-the-art Kids Around the World (KIDS) playground.  With the help of two of Sun Life Financial’s top MDRT member advisors and other volunteers, the playground was built in five days and dedicated to Lord Dufferin Jr. and Sr. public school.

Lord Dufferin serves 600 students who represent more than 30 language groups, 68 percent of which consider English a second language.  The playground will create lasting memories and provide a safe recreational environment for the school’s students.

As part of the MDRT Foundation, the philanthropic arm of MDRT, we aim to give back to our communities.  We hope you take the time to reach out to your community and help those in need.

To learn more about the playground build, visit the MDRT Media Room at www.mdrtmediaroom.org.  For more information on this year’s Annual Meeting in Toronto, visit the MDRT Web site at www.mdrt.org.

Michael P. Corry, CLU, AALU President
Tuesday, June 3, 2008

Your business-owner clients will feel the baby boomer retirement implications, even if they're not boomers themselves.

I recently had the pleasure of moderating the Web seminar, “Boomertirement Solutions for Business Owners.”  For this special event, MDRT and AALU teamed up to explore solutions that can help business owners overcome their personal retirement challenges, and meet the unique needs of their changing employee base.  The Lifestyle, Life Income and Lifeboats messages outlined by MDRT’s Boomertirement initiative were presented by three leading Boomertirement experts: Philip E. Harriman, CLU, ChFC; Brian H. Ashe, CLU; and W. Luther Pierce IV, CLU. 

I highly encourage you to visit the archive of the Web seminar by logging onto the Web Seminar Archive. 

Also, please use this forum to share what has worked for you in connecting with your business owner clients and helping them prepare for retirement.  How do you get your foot in the door with business owners?  How do you get them to focus on their own retirement needs and not just their business?  What kind of benefit plans can they use to attract, retain and reward key Baby Boomer employees?

I look forward to your insight and dialogue as we all learn from each other’s experiences and best practices. 

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