The U.S. population is in the midst of a major, permanent shift towards older age. In just 15 years, more than 20% of Americans will be aged 65 and over, compared with 13% in 2010 and just 9.8% in 1970.
More than 1 in 5 Americans will be aged over 65 or over in 2030. This growing consumer segment has unique attitudes and values. And today’s 65 and over senior is not the same as tomorrow’s.
While this dramatic new demographic mix presents complex challenges and risk, there is also significant opportunity to help seniors manage the financial and physical changes associated with aging.
The consumer who values the advice and expertise offered by an independent agent will be hearing about solutions from their trusted advisor as they age.
Insurers and independent agents could stand to broaden their customer base, enhance customer lifetime value and increase retention and satisfaction by offering products and services specifically targeted to an aging population. There are some aspects of this trend that personal insurers and independent agents may be particularly well-suited (and wise) to address.
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