Photo of senior adults taking a picture of themselvesIf you’re in sales or considering getting into the profession, you’re no doubt aware of the main pro and con of some of the best sales jobs: Commission based pay. Having a paycheck that directly reflects your success and hard work is great, but on the other hand, there is no guarantee of how much you will earn in a given month. It can be stressful considering that changes in the market or things outside of your control might negatively impact your ability to sell. What if a recession hits and the demand for the luxury item you sell suddenly disappears? What if a new product comes out and replaces what you sell as the new “must-have” item?

There are many variables that affect the day-to-day business of salespeople. Obviously, you want to have as much control over your income as possible. You want to have stability. You want to set yourself up for success. Which is why carefully choosing what product or service you sell as well as who you are going to sell it to is so important!

Health and life insurance are two of the best products you can sell for a very simple reason: because almost everyone needs them! They aren’t going away anytime soon, and even in a recession, they are still in demand. American seniors are the best demographic you can sell insurance to for the foreseeable future, here’s 9 statistics that show why.

1. Baby boomers make up a large demographic in the U.S.; there are 74.9 million people age 51-69. (Source)

Baby boomers are no longer the nation’s majority generation, since millennials have recently taken that prize. However, there are still 74.9 million baby boomers, from ages 51-69, out there! That means that nearly 75 million people out there are eligible, or will soon be eligible, for guidance in retirement and retirement solutions.

2. Over 70% of disposable income is controlled by Baby Boomers in the U.S. (Source)

When considering who you want to sell to, whether or not they have money to spend is a key. While the majority of companies are focused on selling to the young, wouldn’t you rather be selling to the people who have the most to spend with no strings attached? Not to mention the fact that insurance is something almost everyone needs and not a luxury item that only interests a select few.

3. At least one person is still employed in 63% of homes of Baby Boomers. (Source)

Considering that a large portion of this generation is over the minimum retirement age to collect social security, 62, it’s fair to say that many of them who are still working would rather be retired… but they aren’t. Probably because they aren’t confident in their retirement plan, this provides a great opportunity for insurance agents to position products that could allow them to retire with peace of mind.

4. Every day an estimated 10,000 Baby Boomers turn 65 years old. (Source)

Think about that! That’s a massive amount of people reaching the age when you can claim full social security benefits and enroll in Medicare, which most people rely on partially or sometimes entirely to fund their retirement. However, there are clear gaps in Medicare coverage that leave seniors at risk of financial difficulty. So every day there are thousands of new potential clients who need to understand the shortcomings of their Medicare plan so they can get additional coverage and have peace of mind.

5. In just over a year from now, half the U.S. population will be 50+ years old. (Source)

That means that by this time 1 in 2 people in the U.S. will be retired or thinking about retirement in the next 15 years! Retirement planning will be important to more Americans than ever before. Having the right health and life insurance are a key part of being ready for your golden years.

6. Although baby boomers consume the most across all product categories, they are only targeted by about 5-10% of marketing.(Source)

While the majority of companies are targeting the coveted young consumers who they want to make customers for life, most are ignoring the Americans who spend the most money! Wouldn’t you like to sell to a group of people who are undeserved? Who are seeking individual attention for their retirement needs?

7. There will be 161 million consumers age 50+ by the year 2050, which is a 63% increase from 2010. (Source)

It’s not just the Baby Boomer generation, American seniors will be a viable market to sell to for decades to come! Having a constantly growing group of potential customers will make your job much easier.

8.From 1950 to 2013, the average U.S. life expectancy has increased from 68 to age 79. The reduction in mortality rate in older ages is mainly to account for this 11 year increase.(Source)

Over a period of 63 years, the average life expectancy of Americans increased by 11 years! Seniors are living longer and healthier lives than ever before, and that trend will most likely continue. Living longer means a longer retirement and an even greater need for health and life insurance products.

9. Over the next 20 years, spending by Americans 50+ is expected to increase by 58% to $4.74 trillion. On the other hand, spending by people ages 25- 50 will grow by only 24%.(Source)

If you want a career in sales you should do everything you can to set yourself up for success. Developing your skill sets to bolster your sales associate resume might seem obvious, but it’s going to be much easier for you to close sales if you target the people who are spending the most money. Now factor in that if you’re selling insurance, you’re selling a product that the majority of seniors need, and you’ve put yourself in one of the best positions possible to succeed in commission sales!

If you found this article helpful then SHARE it with your friends and family on social media!

Ready to start your career as an Insurance Agent with AmeriLife? We’re hiring now!

Photo of senior adults taking a picture of themselvesIf you’re in sales or considering getting into the profession, you’re no doubt aware of the main pro and con of some of the best sales jobs: Commission based pay. Having a paycheck that directly reflects your success and hard work is great, but on the other hand, there is no guarantee of how much you will earn in a given month. It can be stressful considering that changes in the market or things outside of your control might negatively impact your ability to sell. What if a recession hits and the demand for the luxury item you sell suddenly disappears? What if a new product comes out and replaces what you sell as the new “must-have” item?

There are many variables that affect the day-to-day business of salespeople. Obviously, you want to have as much control over your income as possible. You want to have stability. You want to set yourself up for success. Which is why carefully choosing what product or service you sell as well as who you are going to sell it to is so important!

Health and life insurance are two of the best products you can sell for a very simple reason: because almost everyone needs them! They aren’t going away anytime soon, and even in a recession, they are still in demand. American seniors are the best demographic you can sell insurance to for the foreseeable future, here’s 9 statistics that show why.

1. Baby boomers make up a large demographic in the U.S.; there are 74.9 million people age 51-69. (Source)

Baby boomers are no longer the nation’s majority generation, since millennials have recently taken that prize. However, there are still 74.9 million baby boomers, from ages 51-69, out there! That means that nearly 75 million people out there are eligible, or will soon be eligible, for guidance in retirement and retirement solutions.

2. Over 70% of disposable income is controlled by Baby Boomers in the U.S. (Source)

When considering who you want to sell to, whether or not they have money to spend is a key. While the majority of companies are focused on selling to the young, wouldn’t you rather be selling to the people who have the most to spend with no strings attached? Not to mention the fact that insurance is something almost everyone needs and not a luxury item that only interests a select few.

3. At least one person is still employed in 63% of homes of Baby Boomers. (Source)

Considering that a large portion of this generation is over the minimum retirement age to collect social security, 62, it’s fair to say that many of them who are still working would rather be retired… but they aren’t. Probably because they aren’t confident in their retirement plan, this provides a great opportunity for insurance agents to position products that could allow them to retire with peace of mind.

4. Every day an estimated 10,000 Baby Boomers turn 65 years old. (Source)

Think about that! That’s a massive amount of people reaching the age when you can claim full social security benefits and enroll in Medicare, which most people rely on partially or sometimes entirely to fund their retirement. However, there are clear gaps in Medicare coverage that leave seniors at risk of financial difficulty. So every day there are thousands of new potential clients who need to understand the shortcomings of their Medicare plan so they can get additional coverage and have peace of mind.

5. In just over a year from now, half the U.S. population will be 50+ years old. (Source)

That means that by this time 1 in 2 people in the U.S. will be retired or thinking about retirement in the next 15 years! Retirement planning will be important to more Americans than ever before. Having the right health and life insurance are a key part of being ready for your golden years.

6. Although baby boomers consume the most across all product categories, they are only targeted by about 5-10% of marketing.(Source)

While the majority of companies are targeting the coveted young consumers who they want to make customers for life, most are ignoring the Americans who spend the most money! Wouldn’t you like to sell to a group of people who are undeserved? Who are seeking individual attention for their retirement needs?

7. There will be 161 million consumers age 50+ by the year 2050, which is a 63% increase from 2010. (Source)

It’s not just the Baby Boomer generation, American seniors will be a viable market to sell to for decades to come! Having a constantly growing group of potential customers will make your job much easier.

8.From 1950 to 2013, the average U.S. life expectancy has increased from 68 to age 79. The reduction in mortality rate in older ages is mainly to account for this 11 year increase.(Source)

Over a period of 63 years, the average life expectancy of Americans increased by 11 years! Seniors are living longer and healthier lives than ever before, and that trend will most likely continue. Living longer means a longer retirement and an even greater need for health and life insurance products.

9. Over the next 20 years, spending by Americans 50+ is expected to increase by 58% to $4.74 trillion. On the other hand, spending by people ages 25- 50 will grow by only 24%.(Source)

If you want a career in sales you should do everything you can to set yourself up for success. Developing your skill sets to bolster your sales associate resume might seem obvious, but it’s going to be much easier for you to close sales if you target the people who are spending the most money. Now factor in that if you’re selling insurance, you’re selling a product that the majority of seniors need, and you’ve put yourself in one of the best positions possible to succeed in commission sales!

If you found this article helpful then SHARE it with your friends and family on social media!

Ready to start your career as an Insurance Agent with AmeriLife? We’re hiring now!

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