Baby boomers changing the life insurance industry

Feb 06, 2012

Baby boomers are making choices that are affecting the life insurance industry.

Baby boomers are a large percentage of the American population, are averaged at age 50 and many remain in the workforce. Their households have the highest net worth of any age group, averaging $254,000, and many are making wise financial decisions to protect their families against financial hardship in the future. One way baby boomers are changing the life insurance industry is by making their grandchildren beneficiaries of their policies, to help pass on their prosperity to the youngest generation.

To discuss this and many other emerging trends in the life insurance and financial planning industry, a panel of experts will hold a webinar to identify meaningful solutions for both customer and provider that leverages available resources and maintains family connections. Members of the panel include Andy Bennet from Paramount Planning Group and Hugo Tomasio from AXA Equitable Life Insurance Company.

Another way baby boomers are setting themselves up for success in their golden years is through investment in annuity products, which provide a steady stream of income in retirement. CNN reported that in the first nine months of 2011, sales of variable annuities reached $120 billion, the highest sales figure since 2007. The product is appealing to consumers because it is a tax-deferred investment with a death benefit similar to a life insurance policy.

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