Characteristics of Baby Boomer Policy Sellers

This post is the second in our series of continuing education resources for advisors.  The life settlement industry is complex and we here at Ashar want to make it easy for you and your client to navigate this complicated field.

Many of your clients are in their 50s and 60s are starting to retire or are preparing to. However, the state of the economy has many seniors scrambling for liquid assets—particularly those needing to fund their healthcare costs, having difficulty making their life insurance payments, or those who have exhausted their savings.

Most of these seniors are members of the Baby Boomer generation, meaning they were born between 1946 and 1964. They may be prime candidates in the near future for selling their life insurance policies on the secondary market for cash, particularly as the aging of this large generation puts a strain on social welfare systems.

There are three major characteristics that set the Baby Boomers apart from generations that have come before and after. Keeping these traits in mind will help you understand how to best communicate with and win the trust of a Baby Boomer hoping to sell his or her life insurance policy.

  1. They rate independence over groups, corporations or large entities.

Baby Boomers are perhaps best characterized by their individualism. Coming of age during the Civil Rights movement, Vietnam, a series of economic crises and the AIDS epidemic means Baby Boomers just don’t trust big corporations or government nearly as much as their predecessors did. They are can smell a hard sell a mile away and prefer to come to their own conclusions when making difficult choices. A good financial advisor can earn a Boomer’s trust by providing accurate, easily-available information so he or she can come to conclusions on their own time. Here at Ashar Group, we take this information into account when making our hiring decisions: we have many more staff members than sales personnel, because we know your clients value information over persuasion and appreciate our no-frills approach to finding them the best deal possible.

  1. They’re educated consumers—and they’re proud of it.

Baby Boomers were the first generation to grow up with large amounts of disposable income, so they’re used to being sold to frequently. As such, Baby Boomers are skeptical of traditional advertising; word of mouth is treasured for this generation. Baby Boomers tend to be wary about the big brands and their claims, but when they find a company that passes muster, they become loyal for life. Ashar determines the best deal for its clients using SMV®, or Secondary Market Valuation. Through this process, Baby Boomers wanting to sell their life insurance policy will receive a variety of competitive bids and are sure to get a fair deal.

  1. Names matter to them—a lot.

Baby Boomers are hardworking and motivated by title, position and prestige. Because of this, they rely on labels and brand names when shopping. They gather information through trusted relationships and referrals. In the secondary life settlement market, this translates into an emphasis on prestige and reputation. At Ashar Group, we cherish our reputation as the most thorough, trusted and transparent policy valuation specialists in the industry, and will do anything to maintain that reputation.

These tips are sure to help you bridge the communication gap when working with life insurance policy owners. Here at Ashar Group, we’re experts and are willing to work with you and your client every step of the way.