How to Sell Insurance to Seniors

Dave Ramstack
Dave Ramstack
Published on October 29, 2020

Insurance Sales to Seniors

Approximately 16% of the population are seniors in the US, representing a valuable market segment for insurance agents. By the year 2035, seniors are predicted to outnumber children. On a global scale, the elderly age group is expected to double by 2050. This growing demographic is creating new opportunities for coverages that help aging individuals get the most out of their golden years.

5 Insurance Sales Tips for Selling to Seniors

Selling insurance to today’s seniors requires smart techniques and careful planning. Before starting your first round of sales attempts, increase your chances for success with the strategies below.

1. Respect Their Years of Experience

Older Americans tend to become more receptive to insurance agents that respect their years of experience and knowledge. Seniors don’t want to be talked down to or treated like children. Start your relationship off on the right foot by making a friendly, genuine, and personable first impression.

During an initial conversation, you could ask questions about their interests, family, travels, or hobbies. You must get to know your senior customers. This information can also help you gain insights into their quality of life and which policies can help them achieve their goals.

2. Express Compassion and Understanding

Elderly individuals may take more time or require more detailed explanations to understand what you’re trying to tell them fully. Instead of going through every sentence page by page, summarize the most critical aspects in simple language, without the jargon.

For example, you could explain a policy in terms of examples. Describing how coverage works using a realistic scenario can help your senior clients comprehend the idea faster. You may even think of examples of how insurance products could benefit them personally. Regardless of the route you choose, remember to prioritize speaking empathetically and in a way that considers their lifestyle needs.

3. Customize Your Marketing Materials

A common misconception is that senior citizens prefer offline communication. Although direct mail is still an ideal method to reach out to elderly clients, many are now becoming active on Social Media platforms. Some aspects of web marketing to seniors that you should take into consideration include:

⦁ User-friendly design with readable font size and intuitive layout
⦁ Facebook presence (Seniors tend to be most active here.)
⦁ Images and videos that mirror your target audience
⦁ Conversational tone (Avoid jargon)

If your senior clients are online, it’s advisable to let them know that you’re available to answer their questions per email outside of office hours.

4. Become Their Trusted Advisor

Aside from being friendly and easy to reach, the senior demographic appreciates when you’re frank and upfront about the information you’re presenting them. Establishing trust will act as the cornerstone of your relationship with older clients, who have worked hard to get where they are.

Develop a strategy that focuses on your client’s primary needs, which may include:

⦁ Maintaining independence into old age
⦁ Avoid outliving their savings
⦁ Protecting their assets
⦁ Staying healthy

Depending on your senior clients’ needs, you may have to adjust your strategy to address their concerns.

5. Take Hearing Issues into Consideration

Many older individuals have hearing loss, but that doesn’t mean you need to shout at them. Raising your voice unnecessarily could be taken as a sign of disrespect. Instead, focus on speaking slowly and clearly. If possible, avoid background noises that could be too distracting, such as an open window or music.

Final Thoughts

Opportunities for senior insurance sales are immense, but long-term customers don’t come easy. Designing an effective marketing system by yourself costs valuable time that you need for advising your clients. American Senior Benefits can help you save time and money while building a reputable brand for your agency.

Learn more by getting in touch with us today – We look forward to answering your questions.

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