Expanding on last week’s thoughts where I shared my frustration with our industry’s thirst for younger policy holders, I want to turn the focus from my cohort of “Generation X” to that of the “Baby Boom” generation.
In our quest to grow our markets and reduce our risk, our focus has moved away from the “Boomers” and to a younger, healthier prospect – “Generation X”.
As a member of that generation (I was born in 1965), I say that I am not ready for the long term care conversation.
“Fisher,” you may say, “you’re in the industry and need to have that discussion.”
“That is right, I am in the industry and do have a plan in place which includes insurance. I just said that I am not ready for that discussion. “
“Why, Fisher, why?”
“Simply, I have kids in college and am working hard to secure my retirement income strategy. Those are my two top priorities – invest in their future as well as mine.”
“Why not act now and get a lower rate?”
“Again, my priority at this point in my life is focused on my kids and saving for my retirement – not securing my retirement income strategy by protecting it from a forced liquidation due to an extended healthcare issue later in life.”
“When will you be ready?”
“When I my kids are off the payroll. And, that will be in 4 or 5 years.”
That is a real conversation. I had that with my advisor and revisit it regularly when I speak, write, or think about extended healthcare planning and the funding strategies.
While I do not speak for the whole of my generation, I am fairly confident that most of us (unless we have a first-hand long term care experience with a family member or close friend) are not ready for that conversation.
As advisors and an industry, we must return our focus to the Baby Boomers who have served as the engine that has driven America – socially, politically, and economically. Literally, every aspect of American life has been directly influenced by that generation. Heck, expanding further toward the remaining “Silent Generation” might even be a prudent move.
These generations generally have less distraction than “Generation X”. Generally, “their kids off the payroll”, they’ve have implemented their retirement income strategy, and they have the time and willingness for that extended healthcare conversation.
So, I say get back to the people who can benefit the most from our solutions – the “Boomers” and the “Silent Generation”.
Want funding solutions that excel in the 65+ market?
Call my internal Justin Fox at (844) 658-3725 or email to justinfox.isp@oneamerica.com
Fridays with Fisher 