“Living Benefit Calculator” Now Available Online To Help Annuity Producers Work Faster and Better

Share Article

Tool enables agents to calculate guaranteed income rider values from multiple carriers instantly, improving productivity and enhancing due diligence efforts.

Annuity producers can now cut hours, if not days, off the time needed to identify which living benefit rider to recommend to clients.

The “Living Benefit Calculator” is the brainchild of a team of financial advisors who were frustrated by having to pore over prospectuses, request multiple illustrations from carriers, and use grid-style side-by-side comparison sheets to determine which of the many complex annuity offerings would best fit a particular client’s situation.

“Annuities can be very complicated, and their details change often, so typically it’s a lot of tedious work to calculate which living benefit rider may be right for someone,” said Tim Hackett, General Manager of LBCalc, LLC, the firm that created the Living Benefit Calculator. “But now our online tool provides a major shortcut for annuity producers, allowing them to crunch the numbers and create a short list of suitable products in literally a few seconds.”

The Living Benefit Calculator is available by subscription to industry professionals only. There is no software to download or update. Subscribers simply log in, enter their client’s name, date of birth, residence state and deposit amount, and a comprehensive list of policies and riders is immediately displayed on their computer screen. Non-proprietary carriers rated A- or better by AM Best are included in the results.

A free demo version of the tool is available at http://www.LBCalc.com so prospective users can “test-drive” the calculator and see sample results.

“I’ve been using the Living Benefit Calculator for about six months,” said Jim Frye, principal of The Frye Company in Twinsburg, OH. “This tool is easily responsible for over $800,000 of additional annuity sales. The ability to illustrate the best carrier for income today or at a future date at just a click of a keystroke is absolutely priceless. I verify the tool’s calculations with illustrations from the carrier, and the Living Benefit Calculator is always correct.”

“The regular subscription price for an individual agent is $59 per month,” said Hackett. “But through 8/31/11 we are offering an introductory rate of only $29 per month to those who use the discount code TIMESAVER in the “Source” box at the bottom of our Subscribe Now page.”

The Living Benefit Calculator covers both Fixed-Indexed Annuities and Variable Annuities, which are accessible only to those licensed to sell them. The tool returns the minimum guaranteed income available from each rider assuming no interest or investment returns, so a producer can “see into the future” to determine what combination of deferral years, income balance credits and payout rates provide the greatest value over time.

Links from the calculation results page provide detailed information about both the riders and the policies on which they are based, including the pre-sale compliance data required under FINRA Rule 2330. When a subscriber has identified the products to recommend to a client, a detailed “agent use only” report can be created and saved to the producer’s due diligence file.

“We have dedicated staff members who are constantly monitoring and updating the annuity offerings from insurance companies and keeping the data inside the Living Benefit Calculator current,” said Hackett.

“Agents and registered reps now have the ability to quickly perform very thorough research, then recommend what they believe to be the best product for a client at a given time, and very importantly, to easily document that research in an organized fashion in case any questions arise later,” added Hackett.

Details and a free demo version of the Living Benefit Calculator are available at http://www.LBCalc.com.

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Tim Hackett
LBCalc, LLC
(619) 540-4310
Email >
Visit website