As we build new features for our OnPointe retirement planning software, one that’s been on my list is a “real” Life Expectancy (LE) calculator (something other programs do NOT have!).
Try the LE calculator for yourself
Three Components to the Calc
1) Stand-alone calc an advisor can use
2) Calc is built directly into the OnPointe Retirement Planning software
3) Lead gen widget to let consumers run their own numbers
The built-in calc gives you the client’s probability of dying in every year up to age 120.
Society of Actuaries
What industry knows more about LE than anyone else? The life insurance industry!
OnPointe’s LE calculator uses the same LE tables as life insurance companies (which come from the Society of Actuaries). This takes into account health status as well as smoker/non-smoker.
Joint Life Expectancy
One of the major flaws in retirement planning is NOT planning for a joint-life expectancy. OnPointe’s new LE calc runs both single and joint-life numbers.
Examples
Let’s look at a 65-year-old couple and the variance in their LE based on health/smoking. The top set of numbers is for non-smokers, and the second set of numbers is if they both smoke.
The following chart is joint LE if the husband smokes and the wife does not.
As you look at the numbers above, think about your last few clients aged 65 and what you used for their LE. Did you suggest a certain age? Did they suggest a certain age?
More certainty when planning
Most advisors are NOT using joint LE numbers with clients. As you can see from these charts, there is a BIG difference between planning for a couple’s joint LE vs. an individual single LE. This LE calc will help get clients to better understand LE risk and encourage them to plan accordingly.
Lead Gen Widget
Marketing, marketing, marketing…Everyone is looking for marketing tools. In OnPointe, we built an LE lead gen widget.
What is that? It’s the ability to put the LE calculator on your website, Facebook, LinkedIn, etc., so consumers can run their own LE numbers.
What does a consumer get if they use the LE Lead Gen Widget?
They get the following in a two-page report. Page #1 has the advisor’s logo/contact info, and page #2 has the following info.
What they don’t get is the full chart of info for every year. That chart can be provided to the consumer when an advisor runs a full retirement report in OnPointe.
The advisor receives notice that someone used the LE widget, and their contact info and LE numbers are saved in OnPointe.
If you have not checked out our OnPointe Retirement Planning software, now is the time! It’s a killer marketing program and will help you run more accurate scenarios for clients.
