Obviously, if you are getting a retirement payout or have regular annuity payments setup, those would be used as well. 

IMO it's a niche product like an annuity. 

This is a great opportunity to listen to your CPA who knows about your taxes, finances, different type of IRAs. annuities, life insurance.

As much as I hate annuities, you might speak with an annuity agent about the employer awarding a bonus in the form of a single premium deferred annuity invested in index funds and that you do not have the right to access until a date certain and then a full payout over time.

That's why you see so many annuities out there for people who don't need them. 

@Albert Bui - Its a much more complicated sale, but if an elderly client is healthy and capable of qualifying for life insurance, then a maximum over-funded MEC will provide more retirement income than the same amount of money going into an annuity.

"You should talk to one of our annuity experts to invest your money instead of just hiding it".The elderly lady replied "No thanks.

Take a look at this  - Plug some numbers into the Present value(PV) annuity calculator. 

I have particular strong feelings about this, but I may be the exception.The insurance and annuities side of your business will be a very distant next area of importance for me, but for a younger person that needs to provide for a young family without other assets this might be a little higher on the list for them.There is a financial planner in my local market that will also shop insurance providers (including car, home, health and rentals) to find the best value on insurance as part of their service for their clients.

If one has the cash and wants an annuity type income that works..