Senior Market Advisor. February 2005. www.SeniorMarketAdvisor.com

LTCI Insider. With Margie Barrie.

Boomers: The next big thing

Q. I’m hearing that selling to baby boomers is what I should be focusing on next, after the senior market. What sales and marketing suggestions can you provide so I can start pursuing this group?
-— S.B., Cedar Rapids, Iowa

A. Boomers older than 50 are where astute LTCI marketers should start focusing their attention. However, penetrating this market requires a different approach than that used for the more traditional senior audience. Fortunately, many boomers will be familiar with the need for LTC protection because of firsthand experiences with their aging parents.

Why is this market important?

1. There’s lots of opportunity. Seventy-six million people are looking to retire over the next five years.
2. For the most part, the easy sales in the senior market have been made, so seeking new sales opportunities makes sense.
3. Boomers are natural targets within the emerging worksite market.

For insight on how to market and sell to this very important group, I turned to Nancy Morith, a successful agent and president of NP Morith Inc. in Princeton, N.J. Boomers constitute a large part of her client base, and she is a frequent speaker on the subject. Here’s what she had to say:

• Boomers were raised to believe they could achieve anything. As high achievers, they took charge of their destinies. For them, control is not something that is going to be easily relinquished. Therefore, once informed, I don’t feel that this particular group will prefer Medicaid planning to personal planning for LTC needs. They must, however, have the real facts about what Medicaid was designed to do and the restrictions it will impose upon them in terms of choice and control.
• As the social activists of the 1960s and ’70s, boomers have a strong sense of social fairness. I can’t see this group cutting in front of the working poor in order to get something for nothing -— in other words, Medicaid eligibility through artificial impoverishment. Advisors must stress the issue of personal responsibility and their clients’ desire to have things their way in order to make their later years aesthetically, intellectually and spiritually meaningful.
• Boomers want to feel their lives will have meant something. Often, that is accomplished by leaving a legacy. Thus, an advisor’s message should include how boomers can leverage their assets by using insurance to access a sizeable pile of money for LTC needs.
• Boomers want their aging to be dignified and meaningful and they want to retain as much control over their lives as possible. Being successful at any stage in life requires that preparatory work be done. Boomers must be willing to take the time and spend the dollars necessary to make their later years meaningful.
• Boomers will not respond well to manipulative or pushy sales techniques. They want to be appreciated as unique individuals. Don’t ever say to one of these folks, “Well, most women your age...” or “What I like to do at this point is take the application and see if you’re insurable.” Instead, serve as a guide. They’ll recognize the value of preparing for life rather than doing damage control.

MARGIE BARRIE IS PRESIDENT OF LTCI CONSULTING GROUP INC., WHERE SHE SPECIALIZES IN PROVIDING MARKETING AND SALES SOLUTIONS TO THE LONG TERM CARE INSURANCE INDUSTRY. SHE CAN BE REACHED AT (410) 653-9600 OR AT MARGIEBARRIE@COMCAST.NET.