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3 Reasons Why Insurance Agents Should Be Targeting Baby Boomers


Insurance Agent Blog   Buying Insurance Leads   Insurance Sales   Annuity Leads  

Ignoring Older Prospects Would be Detrimental to Your Insurance Lead Generation Strategy

 

Like others, agents are focusing insurance lead generation strategy on millennials in increasing numbers. Which makes sense, since millennials are beginning to enter their prime years for buying insurance.

 

While it’s important for insurance agents to reach out to millennials, it would be a mistake to ignore Baby Boomers. While Millennials will become the nation’s largest demographic by 2019 at 73 million people according to Pew Research, Baby Boomers will still represent 72 million members of the population.

 

The Insured Retirement Institute (IRI) recently surveyed 800 people between the ages of 55 and 71 and found that just 33% of respondents believed they had saved enough money for retirement, while only 36% were confident that they had enough saved for their healthcare expenses. Only 23% of respondents had planned for the possibility of long-term care, and only 20% said they had discussed insurance coverage with an advisor which makes them prime targets for your insurance lead generation strategy.

 

To increase revenue, consider building an insurance lead generation strategy that focuses on Baby Boomers. Here are three types of leads you’ll need to increase sales to Baby Boomers.

 

Supplement Medicare Leads

 

The market for Medicare supplement insurance is going to grow as Baby Boomers become eligible. According to the IRI survey, only half of those surveyed had spoken to an agent about Medicare supplement plans. Medicare won’t cover all their expenses, so it’s important for agents to present the various supplemental plans available to cover the costs traditional Medicare won’t. After reviewing your client’s medical history, you can recommend a plan that fits your client’s budget and potential health care needs.

 

Medicare leads can be challenging to generate on your own. You’ll need to be able to target Baby Boomers where they spend time and provide them with messaging that will convince them that they need to invest in their future healthcare. Parasol Leads generates high-quality supplement Medicare leads to help you reach your revenue goals.

 

Annuity Leads

 

Baby Boomers are overlooking an important insurance product, annuities – that can provide a steady income for them as they retire. The IRI survey also indicated that 41% of Baby Boomers are looking for a retirement investment product that could guarantee monthly income. Annuity insurance is the perfect product for this audience.

 

As Baby Boomers age, they need investments that can provide some protection against downturns in the stock market. Parasol Leads generates high quality annuity leads for insurance agents across the country, helping to grow overall business.

 

Long-Term Care Leads

 

Many Baby Boomers haven’t set aside money for long-term medical expenses they could incur during retirement. According to the IRI survey, fewer than 70% of those surveyed had spoken to an agent about how to cover the costs of a long-term health care event.

 

That’s unfortunate, because long-term care expenses can deplete even the most well-funded retirement account. On average, those over the age of 65 will spend two years receiving intensive long-term healthcare which exceeds the maximum 100 days covered by Medicare. Help your clients prepare for retirement with long-term care insurance.

 

While focusing on Millennials is an important strategy as they hit their prime insurance years, it’s important not to forget about aging Baby Boomers and their important insurance needs.

 

Grow your insurance business with Medicare leads and annuity leads from Parasol Leads.

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