In 2020, the oldest baby boomers will turn 74, and the youngest will be 55. As this generation ages, their priorities are inevitably shifting toward good health and financial security. Some boomers are still in the workforce, and others are enjoying retirement. They may still have adult children at home or instead have a multitude of grandchildren.
Boomers still have a lot of diversity when it comes to employment and retirement but one thing is certain — they could use an insurance agent to meet them wherever they are in life.
Insurance agents have so much to offer when helping baby boomers become secure in this stage of their lives.
How can insurance agents help aging Baby Boomers?
Aid in retirement planning
In the first quarter of 2020, the Dow dropped to its worst level since 1987. With unprecedented market volatility due to COVID-19, many baby boomers may be stressing about their hard-earned retirement accounts taking a significant hit.
Insurance agents have the necessary experience and expertise to advise boomers on how to stay on track financially and create a manageable strategy to hit their goals. With the economy being unpredictable, now is the time boomers need assistance more than ever. Annuities, savings accounts, and a multitude of other financial planning options are all in high demand with an aging population.
Choose long-term care insurance
According to LongTermCare.gov, a private room in a nursing home averages close to $7,700 per month, and almost $3,630 monthly for care in an assisted living facility. Medicare alone is not enough to prepare for the expense of future care.
With the cost of healthcare always rising, aging baby boomers need an expert to help with choosing the best long-term care insurance for their needs.
Select life insurance
The novel coronavirus has been a wake up call for many in terms of future financial stability of their families. An unexpected illness or accident could occur at any time, whether proper preparation has taken place or not. All too often loved ones pass away suddenly and leave their loved ones in a mess of expenses and liabilities.
Baby boomers still have plenty of life insurance options, including whole, term, and universal. An insurance agent is a valuable asset to the senior population looking to secure life insurance while they still easily can. The peace of mind a life insurance policy brings is invaluable.
Medicare and Medicare Supplement
Now is a great time for insurance agents to review Medicare and Medicare Supplement coverage with their baby boomer clients. Without adequate coverage, an unforeseen sickness could wipe out a large portion of savings, threatening financial stability in the long run.
Baby boomers need insurance agents that are well-versed in Medicare to evaluate their needs and help them select the best option. Since this generation still has many years ahead of them, having the right level of health coverage is crucial.
Takeaway
Aging baby boomers have various immediate and long-term needs. Their health and finances are of significant importance to them. Insurance agents’ expertise in life insurance, long-term care policies, Medicare coverage, and financial planning make them crucial assets to the boomer population.
Interested in becoming an agent with Aspen Insurance Coaches? We provide all the tools you need to become a successful agent with us. We offer top-notch resources like marketing support, training, and a large variety of carriers and products so you can enjoy a rewarding and lucrative career.
