Baby Boomers

[insurancechamp]

I have been hearing from many sources that 10,000 to 19,000 baby boomers are turning 65 each year for the next 20 years. My question is are any of the agents on this forum seeing the uptick in business that would show this correlation?

 

[Bob_The_Insurance_Guy]

The answer for me is YES.

Here's the thing. To be successful working with the Senoirs, you need to build their trust, and that comes with being involved, honest, and consistent. Just because they have been around longer doesn't mean they understand how Insurance and Medicare works. They are just as confused, sometimes moreso, than everyone else.

Treat them right, and you have a steady and constant stream. Go in just for a sale, and you will not get a call returned.

 

[insurancechamp]

I appreciate that, I am here to help the client, not just make a quick buck. I was just wondering if you are seeing a significant increase in sales as opposed to last year at this time. For myself it is rather slow. I have invested much time and effort into leads with little pay off. I was expecting an increase this year Thanks for your comments.

 

[DS4]

I have been hearing from many sources that 10,000 to 19,000 baby boomers are turning 65 each year for the next 20 years.

That is 10,000 per day.
And yes, I'm feeling the uptick.

 

[somarco]

10,000 to 19,000 baby boomers are turning 65 each year

Per day, not per year.

In 2011 The Baby Boomers Start To Turn 65: 16 Statistics About The Coming Retirement Crisis That Will Drop Your Jaw

 

[Guest]

The answer for me is YES.

Here's the thing. To be successful working with the Senoirs, you need to build their trust, and that comes with being involved, honest, and consistent. Just because they have been around longer doesn't mean they understand how Insurance and Medicare works. They are just as confused, sometimes moreso, than everyone else.

Treat them right, and you have a steady and constant stream. Go in just for a sale, and you will not get a call returned.

That is SO true. I'm a BB and I can't tell you the number of young agents who cold-call me for financial products and don't even TRY to build any kind of rapport and go right for the sale.

Many people my age came from a "Don't trust anyone over 30" paradigm and now it's "Don't trust anyone UNDER 30!"

We're a "relationship" kind of group and we are probably less trusting than our parents who are now in their 80s.

Lots of boomers want to deal with other boomers. However there is an equal number (like me) who enjoy dealing with young professionals, if for no other reason that when I'm in my 80s they will still be in their mental prime and be able to advise me. Both my stock-jocks are in their late 30s, my lawyer in her early 40s, and I think my doctor is only 14 years old!!!

Young guys/gals have a good future with boomers but they have to dial it down a bit... be a bit "mellow"... learn to "chill"... and understand the age-old truism that "They don't care how much you know until they know how much you care."

If you are considered a trusted advisor we will refer you to everyone we know. If not... you become just like all the others.

Al
I can be found on this site. I don't post from the shadows as so many others here do.

 

[Frank Stastny]

I appreciate that, I am here to help the client, not just make a quick buck. I was just wondering if you are seeing a significant increase in sales as opposed to last year at this time. For myself it is rather slow. I have invested much time and effort into leads with little pay off. I was expecting an increase this year Thanks for your comments.

In my opinion purchasing "leads" is the poorest and most costly way of trying to get new clients. I stopped doing that years and years ago.

If you are trying to market to those turning 65 I think it makes it just that more difficult. If I were a new agent and wanted to break into the senior market and was interested in selling to people T65 I would buy a list and start knocking on doors.

Using the phone to contact those people is going to be very time consuming and frustrating to say nothing about the expense of purchasing T65 "leads".

Just my two cents worth.

Give me a call if you would like to discuss it further, 573.544.4091.

 

[WinoBlues]

That is SO true. I'm a BB and I can't tell you the number of young agents who cold-call me for financial products and don't even TRY to build any kind of rapport and go right for the sale.

Many people my age came from a "Don't trust anyone over 30" paradigm and now it's "Don't trust anyone UNDER 30!"

We're a "relationship" kind of group and we are probably less trusting than our parents who are now in their 80s.

Lots of boomers want to deal with other boomers. However there is an equal number (like me) who enjoy dealing with young professionals, if for no other reason that when I'm in my 80s they will still be in their mental prime and be able to advise me. Both my stock-jocks are in their late 30s, my lawyer in her early 40s, and I think my doctor is only 14 years old!!!

Young guys/gals have a good future with boomers but they have to dial it down a bit... be a bit "mellow"... learn to "chill"... and understand the age-old truism that "They don't care how much you know until they know how much you care."

If you are considered a trusted advisor we will refer you to everyone we know. If not... you become just like all the others.

Al
I can be found on this site. I don't post from the shadows as so many others here do.

Xs 2

And do not afraid to go back to the well that had the sweetest water. Call those client and even some prospects you talked to last year or the year before. Take notes while you talk to them so next year you sound like an old friend. And on the the other point. Listen to your girl friend, Slow down, let them catch up. Darn kids!!!

 

[insurancechamp]

In my opinion purchasing "leads" is the poorest and most costly way of trying to get new clients. I stopped doing that years and years ago.

If you are trying to market to those turning 65 I think it makes it just that more difficult. If I were a new agent and wanted to break into the senior market and was interested in selling to people T65 I would buy a list and start knocking on doors.

Using the phone to contact those people is going to be very time consuming and frustrating to say nothing about the expense of purchasing T65 "leads".

Just my two cents worth.

Give me a call if you would like to discuss it further, 573.544.4091.

I can see where you are coming from on the whole knocking on doors thing, but doesn’t that turn me into one of those ADT home security salesman or a magazine salesman. I know when people knock on my door I slam it before they even get a word out. (Except for Girl Scouts and School charity) I would be spending more money than I would be making in the long run. I think that by calling I am reducing the expense of gas and car mileage when I have unlimited calling from my office line. By taking good notes and actually listing to what the prospects says I can get more sales. Call me new school here, but I don’t see how walking a neighborhood that I am not familiar with will get me anywhere, when I have the power of technology at my disposal. Thanks for the advice, I appreciate all that have answered me.

 

[somarco]

Take notes while you talk to them so next year you sound like an old friend.

The art of listening is rarely practiced any more in most professions. It is a skill set that needs to be practiced and honed along with copious note taking.