Elvis, the Beatles, and the Rolling Stones. Woodstock. Vietnam. Neil Armstrong taking the first steps on the moon. Baby boomers have lived through the most exciting and world-changing events and if you are selling insurance to them, you should understand their history and the lifestyle they expect to enjoy as they age.
Being prepared when you meet your baby boomer prospects can make all the difference in your sales success, because “when you relate to your client, you’re more likely to get them to share.”
The baby boom of post-World War II America started in 1945 and continued to surge well into the 1960’s, creating a generation of active, energetic, and educated men and women. This particular demographic, making up 35% of the current adult population in the United States, grew up with expectations of social change, financial success, and pride in their distinction as the driving force in our culture and economy for decades.
Creating such a vibrant identity, baby boomers deserve some attention when it comes to their healthcare insurance…and their numbers provide a huge opportunity for brokers who focus on their needs.
The vitality and self-expression of the baby boomers are captured in their nickname, ‘the “me” generation.’ Seventy-five million baby boomers are finding ways to continue living healthy and active lives as they approach retirement, while others have been receiving Medicare benefits for several years.
Insurance professionals have unique opportunities to appeal to the specific needs of this aging population. With a current age range of mid-50s to early 70’s (as of 2017), these prospects vary in what they are looking for in health insurance plans, so your sales and marketing strategies may need to vary as well.
As the earliest boomers welcome their 70’s, they are well-acquainted with Medicare. They have been receiving their benefits for years, but may be in need of a change. This is where you can make a difference in their long-term care and insurance coverage, and help them find the Medicare insurance plan that will better suit their current needs and preferences.
Baby boomers already on Medicare may understand what works for them, and what doesn’t. As an insurance professional, you have opportunities to meet their changing needs.
The more senior population of the boomers may have faced changes in their health or lifestyle since they first became eligible for Medicare when they turned 65. Medicare’s Annual Enrollment Period (AEP), from October 15 through December 7 each year, gives you the opportunity to market and sell Medicare Advantage plans, or in the case of customers who get their benefits from the federal program and want to continue to do so, you can offer options in stand-alone Prescription Drug Plans.
For baby boomers approaching their 65th birthday, use the tools available to secure these Medicare leads. Consider buying Medicare insurance leads and Medicare Supplement (Medigap) leads from insurance companies, and reference your own book of business for previous customers aging into Medicare.
Don’t underestimate the potential sales from referral marketing. Those clients aging into Medicare may be open to enrolling in Medicare Advantage (MA) Plans, or Prescription Drug Plans (PDPs) and/or Medicare Supplement (Medigap) Plans. The relationship you build can open your business up to ancillary product sales and those all-important referrals.
Regardless of the particular age or insurance needs of your baby boomer clients, keep this particular generation’s expectations in mind as you address their insurance needs:
Focusing your efforts on insurance needs of the baby boomer generation gives you an opportunity to tap into a huge market for insurance sales. Use your professional insurance website, social media presence, and insurance leads to capture the attention of this iconic population.
Once you have the chance to introduce yourself personally, keep your client’s needs and expectations in mind as you demonstrate your role as an industry expert and trusted advisor.
Curious how you can sell to one of the most influential population groups – millennials? Check out our other post on how to reach millennials shopping for insurance here.