How to Market Insurance to Mature Women

More women today over the age of 50 are facing decisions relating to finances and retirement. Add life insurance into the mix, and it’s time for some good financial planning. Having adequate insurance coverage often becomes a primary concern as well. Female baby boomers are a growing market right now; therefore, when it comes to advising this bracket of consumers in long-term planning, insurance agents should.

Instructions

Difficulty: Moderate

1. Encourage a woman to take a careful look at all her assets. Insurance companies benefit by offering services, which include financial analysis and advice. Marketing homeowner, automobile, life, and medical insurances to mature women often requires a different approach than when trying to sell those same services to a younger female clientèle. Older women tend to be more practical and are not afraid to ask questions.
2. Help the client to find ways to stretch her income over a long period of many years. In order to offer meaningful advice in this area, an insurance agent needs to put herself/himself in the client’s shoes. Earning the trust of consumers in this age bracket can be challenging, as most mature women seem to dislike aggressive sales tactics. Often 55+ women tend to think about things longer before making a final decision; therefore, the agent needs to be helpful, attentive, and most of all patient. The fact is that upcoming baby boomers expect more customized service.
3. Suggest that a woman build and maintain savings to supplement her retirement income. Many women do this by having personal savings accounts and/or life insurance policies. The goal of an insurance agent is to offer ways to help protect those savings once set aside. Educating women in their choices helps to build trust, and thereby, loyal customers. Keep in mind that many mature women are seeking practical information supported by proven facts.
4. Stay on top of any changes in Social Security, Medicare and Medicaid. An insurance agent who is knowledgeable in these areas gains a great advantage in keeping this particular market segment well informed about the issues, which directly impact their lives. By carefully listening to an individual's needs, an agent is able to establish successful customer relationships. Earning a customer's respect allows the agent to offer the consumer better advice on the products and services available.

Tips & Warnings

• Word-of-mouth referrals are one of the most successful ways to market insurance products and services to female baby boomers.
• Reports show that more than 50% of those women ages 75 and older, who survive their spouses, currently live in poverty.