It is estimated that there are currently over 53 million people over the age of 65 in the U.S. Seniors make up a large part of the population and as baby boomers continue to age, that number will grow.
This presents a unique opportunity for insurance professionals since seniors will continue to make up a large market segment in the industry. Professionals must be prepared to meet the arising needs of this large population. From increased healthcare spending and Medicare to life insurance, these are all important matters an agent can help with.
Selling insurance to seniors involves many considerations. Check out some of our top tips below for selling to the older population.
1. Realize the Buyer is Educated
Gone are the days of seniors needing you to educate them and provide a long sales pitch. With the internet at everyone’s fingertips, your prospective buyers have most likely already thoroughly researched the best options. They probably already have ideas in mind for what they think will be a good fit, and your job is to make recommendations based on your knowledge. Help steer them in the right direction, but realize they have most likely become familiar with what they are looking to buy. Help them feel confident in choosing. Selling insurance doesn’t need to feel forced.
2. Be Aware of the Issues Facing Seniors
One of the top and most rapidly evolving dilemmas facing the senior population right now is cost of healthcare. Healthcare is expensive, and as seniors age, their costs rise. Prescriptions drugs, hospital stays, and nursing home care are just a few of the issues seniors face financially. When helping your customers decide on Medicare supplement options or long-term care benefits, assure them you understand the worries they may be facing and dealing with. The decisions they make with you can have a serious effect on quality of life. Give them peace of mind.
3. Understand Their Goals
When selling insurance to seniors, It’s important to speak with your clients to understand the reasons behind purchasing products. Do they want to have money to leave for their children when they pass? Are they concerned about protecting their savings? Are they having trouble maintaining the lifestyle they want in retirement? Outline their top goals with them so you can find the best solutions together. They are relying on your expertise to help them achieve these objectives.
4. Show Support After the Purchase
It’s always a good idea to periodically contact your clients after they’ve purchased to make sure they are satisifed and doing well. Show them you care and want to be a trusted advisor for them long-term. They will be more likely to approach you again for any future insurance needs, as well as be willing to refer you to friends and family.
Insurance agents have a huge opportunity to impact and change outcomes for the senior population. Not only does this generation face unique obstacles that other generations haven’t experienced, but there are far more solutions to help than ever before. Your expertise and consideration can have a significant influence on seniors and their lives.
American Senior Benefits specializes in a multitude of financial and insurance solutions for seniors. When you become an agent with us, you’ll be equipped with the tools you need to thrive and make a difference. Visit our website at www.americanseniorbenefits.com and contact us for more information on how to become one of our specialized professionals.