Tailoring insurance to your clients’ generation

Although each of your clients will have unique insurance needs, clients within the same generation will often share a common experience that shapes their viewpoint. Being able to understand how each generational difference shapes your clients’ viewpoint on money, technology, financial markets and society — will help you better serve their needs. 

Here are a few tips to help you address the common needs of your clients depending on what generation they are from.

Baby Boomers (1946 – 1964)

A large majority of baby boomers have already retired, but there is still a large portion that is closing in on retirement age. The primary concern for baby boomers tends to be extending their existing savings to last as long as possible. Adding an annuity product to their already existing retirement strategies will help guarantee their long-term stability well into the future. 

A steady income stream will help them manage their expenses and make efficient financial decisions. Being able to add the annuity income into their budget, they may consider moving to a different state with lesser tax obligations, allowing them to stretch their monthly budgets even further. The baby boomer generation is typically more active and encouraging them to work on a part-time basis through retirement, may help alleviate some fears of outliving their savings. 

Baby boomers grew up before the internet was around, so treat emails to them like letters and they will read them. Conversations that are held in person — either through video, phone, or face to face — are a great way to hear specific concerns and build long-term trust with your clients. 

Generation X (Gen X) (1965 – 1980) 

Between the baby boomers and millennials is Generation X. This generation is more skeptical about relying on Social Security benefits during retirement than baby boomers. This means that typically they will fund their retirement through a 401(k) or IRA. Unfortunately, this generation also bears the highest average debt percentage of any other generation — increasing the difficulty of funding their retirement savings effectively. 

Addressing these needs appropriately means that designing a budget to help balance debt reduction with retirement savings will be a key aspect of their plans. 

It’s important to help them understand how taking advantage of matching contributions and catch-up contributions will be to their success during retirement. 

Gen X is rather familiar with technology and they appreciate efficient, timely communication, but they also can be turned off by marketing. Transparent communication that demonstrates trust, your value and your ability to lead your clients to the results they want, will go a long way. 

Millennials/Gen Y (1981 – 1996) 

Millennials are relatively early in their career paths and will be less focused on saving for retirement. Since they grew up around the Great Recession, typically they will be more anxious about their finances — specifically student debt. Creating plans with them will be the best way to help their financial anxiety and start getting them on track for retirement. A key aspect in their plan should be educating them about the potential for greater compound growth the sooner they start investing.

Millennials should consider taking advantage of auto-enrollment and matching benefits in their 401(k) accounts. Once they are open, ensure they know how to keep track of their assets when they change jobs or roll them over into an IRA. 

Out of all the generations, this is the most technologically advanced. Typically, they are very socially aware and they’re used to getting attention, feedback and information almost instantaneously. It’s important that you return their calls, emails and texts promptly to gain trust and meet their expectations. 

Work with Senior Insurance Marketing 

Being able to understand what your clients’ needs are is only one part of the journey. You need a company behind you that will assist you along the way with any roadblocks you come across. Our staff has a well-rounded knowledge of everything we offer, which means you’ll always receive an answer to your question. We offer several companies with great products to fit your clients’ needs, so you know you’ll find the perfect fit. 

We’re fully aware that you can’t sell a product that you know nothing about. That’s why we’re committed to offering our agents ongoing training and continuing education opportunities. 

When you’re prepared and motivated, success is inevitable. 

Call us today at 402-434-7761.