Agents: Explore Innovations with a Level Head

As Craig Hemke, president and founder of Buyapension.com, told our associate editor this month, the industry is going to have to innovate just to keep up with all the differing needs and life situations of the 4 million people turning 65 in 2011 alone.

The fact is, however, that many of these special features and add-ons come at an additional cost to your clients. Not only that, but some consumers may be looking for a more classic product rather than an updated, complicated twist on the tried-and-true.

So the key, then, is taking stock of your clients' needs and proclivities. Are they more conservative, or are they open to risk? Are they financially savvy, or might they be frightened away by the pages of information just one rider can add to their contract? Do they really know what they're getting into, or do they require more explanation from you? And are you poised to deliver that explanation?

With any new technique, product, or strategy, there is a learning curve. And with annuities, as with anything else, there are clients who will benefit from new approaches, and those who would be well suited by something simpler.

What about you: How do you meet your clients' needs with annuities?

Christina Pellett is the editor of the Agent's Sales Journal.