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Senior citizensPerhaps you operate your insurance agency in a community where you have a lot of senior citizens. Maybe you are located near a retirement community, or have a lot of long-time customers in your business portfolio. How can you target them with the insurance services they need? What can you do to policies to make sure they give seniors the coverage they want?

Consider five essential steps that you should take to ensure your clients always get the coverage that’s most essential to them.

1. Understand the Senior Insurance Industry

Senior citizens are more likely to be retired, and possibly on a fixed income. They are much more likely to look for personal insurance policies like car and homeowners coverage, as opposed to coverage like business insurance.

2. Carry Policies Reflective of Senior Needs

Seniors have different insurance risks and needs when compared to young people. For example, many seniors get their health insurance from Medicare, so you might choose to offer Medicare Advantage and Medigap plans alongside your standard health insurance options. Also, life insurance is often harder to get for seniors, so if you want to target senior buyers, you’ll want to offer policies for which they are most likely to qualify.

3. Understand that They’ll Have Cost Questions

Seniors who are on a budget are more likely to want to find quality insurance that’s also affordable. That’s why you should focus less on high-value or specialty policies, but rather offer coverage that offers a solid foundation of protection. Also, offer policies that offer numerous discount opportunities, and apply them to every qualifying senior.

4. Give Them Choices

The more coverage options you can give senior citizens, the better you might be able to help them get the right coverage. However, also take time to comprehensively explain the differences among each policy, so that the senior knows what benefits will or won’t apply to them.

5. Explain How More or Less Coverage Works

Anytime a senior wants to make changes to their coverage, you should talk them through the process. Always advise them that they will take a risk by decreasing their coverage. Additionally, don’t let them increase their coverage arbitrarily. You don’t want to see someone paying too much for coverage that they don’t realistically need. It’s up to you to help seniors make a resourceful decision backed by professional guidance.

Additionally, make sure that your marketing practices target senior needs. If you need help or training in the realm of senior insurance marketing, talk to your Brightstar Insurance Services representative. We can help you choose the appropriate way to build your business around senior services.

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