Bankers Life, a national life and health insurance brand focused on the insurance and investment needs of Americans near or in retirement, announced today a new software tool that provides consumers efficient, more personalized assistance with retirement income planning.
Through a collaboration with RetireUp, an unaffiliated entity, Bankers Life wealth management professionals can easily create full retirement plans that are comprehensive and tailored to a specific client rather than a one-size-fits-all plan. Clients receive a personalized review to show their variable and guaranteed income streams, hypothetical investment outcomes and budgets for future expenses, such as long-term care.
“Enhancing our customer’s retirement planning knowledge is critical, particularly as we navigate through the current challenges. Innovative solutions like RetireUp help us focus on meeting our customers’ needs. It provides easy, interactive tools to transform complex financial concepts about investments and insurance into clear, ‘big-picture’ visuals that empower clients to become active participants in their own financial futures,” says Brian Wilson, vice president of enterprise field recruiting and development for CNO Financial Group.
Additionally, in today’s unique COVID-19 environment, consultations can be facilitated virtually. Bankers Life representatives can share their screens and virtually walk clients through various financial scenarios with interactive visuals to provide enhanced visibility into their retirement income, investment and insurance needs.
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“The interaction with the consumer, along with the visual experience, provides my clients with a level of comfort, especially when we can show how to potentially protect their money,” said Kathy Fechik, a financial representative with Bankers Life Securities, Inc., in Houston, Texas. “Clients really likes the guided discovery, working through several different scenarios, such as what and how they want to spend money on in retirement. I’ve seen my clients have that ‘aha moment,’ or the reveal moment, when the client becomes engaged and takes over the meeting.”
RetireUp, recently acquired by Tegra118, is a retirement income planning solution built to strengthen the client-advisor relationship. Powered by Tegra118’s RetireUp software, financial representatives and agents can quickly and easily access the potential benefits of lifetime income products in the client’s retirement plan.
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