It’s a good bet that your 50-year-old clients’ New Year’s resolutions have something to do with money. Whether that's saving money, managing debt, firming up retirement plans, or making adjustments to their financial portfolio is to be determined. (Pro tip: finding out is a great idea!) Typically, though, it’s all about socking away as much money as possible and taking advantage of tax benefits...and life insurance can help.

Decrease Debt, Increase Life Insurance

It’s easier to manage debt with an objective in mind and strong motivation. How much money can your client save by brewing their own coffee at home instead of stopping at Starbuck’s three times a week? Are there any channels in their cable package they can do without? Any places close enough to ride a bike to instead of drive? By saving small amounts here and there, they’ll be able to put that cash toward existing debt. And with less debt, they’ll have more freedom to spend on life insurance. Trade in the coffee to protect the family? That sounds brilliant—and easy! Anyone buying life insurance over 50 won't receive as low a rate as a younger individual, but your client can still get better rates than they would by waiting 10 more years. Purchasing now will help them reach their goal of saving money, though it will be in the long term rather than this year.

Build Cash Value to Weather the Storm

Additionally, permanent life insurance comes with a cash accumulation worth advertising. Does your client know they can use the cash accumulation for retirement if needed? Investing in life insurance is less risky than the stock market, too. If a volatile market suffers, policyholders won’t lose their life insurance. Term policies have the ability to transition to permanent to build cash value as well. That cash value is available, tax-free, to supplement retirement and offset inflation. Cash value can also be used for any unforeseen medical expenses. Long-term care expenses are often exorbitant and eat through one's retirement funds, savings, and any remaining wealth meant to be left to heirs. Your 50-year-old clients are in their peak earning years. So they’re making more money and potentially saving more, too. With additional savings from cutting out unnecessary wants, your clients will be able to maximize the amount they have to manage debt, to utilize for retirement, and to purchase protection for the family. And mitigating life insurance allows clients to protect their ability to reach their retirement goals, too. Key in on those money-related goals, and tout the flexibility and tax benefits of the cash value that permanent life insurance policies provide. Need help with a case, or can't find the right solution for your client? We'll help you navigate the ever-increasing array of products from the country's top carriers. Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team. Life Insurance as an Asset Class: Download Your Free Toolkit