The Growing Senior Insurance Market

Senior Health Insurance Leads - Next Wave Marketing StrategiesIf your insurance agency hasn’t actively been pursuing senior leads, you’re missing out. According to the U.S. Census Bureau, people over the age of 50 make up more than 37% of the population in the United States, and their numbers are growing as the Baby Boomers Age. By the year 2050, the population will include more than 87.7 million seniors. In response to these statistics, Fortune 500 has listed health care insurance as a “Top Industry Fast Grower.”

Why Do Seniors Need Health Insurance If They Have Medicare?

Seniors may be interested in health insurance for many reasons. First, people under the age of 65 do not qualify for Medicare unless they have been continuously disabled for 24 months. People who retire early may lose their employer’s health coverage before they are eligible for Medicare. Even people who have Medicare often need additional insurance to help cover Medicare co-payments and deductibles. Since these policies fill in the gaps in Medicare coverage, they are often referred to as Medigap policies.

 

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Life Insurance Needs

Seniors are living longer, and many of them deplete the funds they had carefully saved to cover their final expenses. Not wanting to be a burden to a spouse or to adult children, seniors are seeking out life insurance to cover funeral costs and perhaps leave their loved ones with a small inheritance.

Find Seniors through Internet Leads

If you think seniors don’t use the Internet, think again. More than 1/3 of seniors today go online to look up information and to stay in touch with family, and about 4/5 of Baby Boomers use the Internet on a regular basis. This doesn’t mean, though, that they are always comfortable with the technology.

To win senior clients, tailor an area of your website especially for them. There you can highlight all the health insurance plans of interest to seniors. You can also give your clients several ways to contact you. Some older people are uncomfortable about completing an online request for information, so make sure your direct mail address and your phone number are prominently displayed.

Since some seniors are hard of hearing and get frustrated by automated phone answering systems, you’ll find your agency is especially popular if a real person answers the phones and helps put senior callers in touch with the appropriate people.

If your agency is struggling in this economy, one of the smartest things you can do is reach out to the growing senior market. You’ll be surprised at how many seniors need your services.

About Troy Wilson