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Ask the expert: selling annuities to ages 75+

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The question was: To stay clear of any regulatory questions about my annuity practice, I’m thinking of not selling any annuities to anyone over age 75. What do you think about that?

The answer is: I think you might be unwisely, and for the wrong reason, denying your client the opportunity to consider a product that could very well fit his or her needs.

While it is true that annuity sales to people age 75 or older have been under increased scrutiny due to the unscrupulous sales practices of a very small minority of annuity producers, this should not discourage you from evaluating your individual client’s needs and recommending the proper product to meet those needs, regardless of your client’s age.

The real question is not whether an annuity is right for someone age 75 or older, but whether or not an annuity is suitable for your specific client. If it is, the client’s age should not be an issue. That means that you must take the time and effort to determine what the needs of your client are, and then recommend a product you feel can meet those needs.

The important thing to remember is that each client is unique and each potential sale is unique. Each client has a unique set of priorities and needs. What may work for one client may not work for another. If you do what you should be doing and are satisfied you are providing a product that suits the client’s needs, you need not be concerned about the age of the client in the sales process, because your needs analysis will already have considered that factor.

Van Lumbard
Ann Arbor Annuity Exchange
Ann Arbor, MI
[email protected]


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