Filed Under:Markets, Senior Market

Will Seniors Still Buy Annuities?

Last week, while at the MDRT conference in California, I had the opportunity to speak with a couple of seniors to get their thoughts on retirement, long-term care, annuities, their health and a myriad of other topics. We’ll bring you more information from those interviews, but for now I wanted to share a couple of the highlights.

First, we spoke to Wallace M. who is located in the Greater Los Angeles area. Wallace is an entrepreneur who still runs his own business although he is in his 70s. Like many of the seniors we’ve spoken to recently, he’s not working because he has to, but because he wants to. He could have retired 10 years ago if he’d wanted. But something got in the way of that: He loves to work.

During our conversation, the most striking thing Wallace said related to his assets. He’s a self-described “gold bug” and doesn’t want to get near the stock market or even safer products such as annuities. Because of the way the market remains volatile, he wants to keep what he calls “tangible assets.”

In addition to gold, Wallace is bullish on other precious metals as well as real estate. The Southern California real estate market has been hurting for roughly half a decade now and he’s seeing opportunities to grab property. You can see highlights from Wallace’s interview on our website.

Sarah M., Wallace’s wife, spoke with us about her plans for long-term care. Although Sarah’s mother bought long-term care, and it helped her in an assisted living facility, Sarah has other thoughts about her own care.

She says in an exclusive online video that she wants to make sure she has enough money when she finally retires to be able to be cared for in her own home. As she put it, that’s what seniors really want—to be able to live out their days in the familiar surroundings of their own home, not a care facility.

As you talk to your senior clients, what are you hearing from them regarding products such as annuities and long-term care insurance? Are they receptive or is the market too volatile? Are places such as assisted-living facilities not something they desire?

You can leave a comment below or send me an email at dwilliams@sbmedia.com. I look forward to hearing from you.

For more from Daniel Williams, see:

Top Sales and Marketing Ideas - 2014

Special Feature

2014 100 Best Sales & Marketing Ideas

There are a million ways to sell an insurance product, and any one of them may work depending on your target market, your product lineup and your own unique skill set.

Explore Now
More Resources

Comments

Close

Advertisement. Closing in 15 seconds.