What you need to know about one of the fastest growing industries in the U.S.
Did you know that every day, an estimated 10,000 baby boomers become eligible for retirement? In fact, it is projected that by 2035, people age 65 and older will actually outnumber youngsters under the age of 18.
These economic forecasts represent a great deal of change for Americans.
“If the trends continue, the U.S. is fast heading towards a demographic first. It will become grayer than ever before as older adults outnumber kids.” –U.S. Census Bureau
While other countries have been progressively struggling with an ever-increasingly, aging population (think Japan, who now has the world’s oldest population, with 1 in 4 over the age of 65), the U.S. has always been different.
Until now, that is.
By 2030, demographers project that all of America’s baby boomers will cross the threshold over 65—the demographic then surpassing 21% of the total population. And by 2060, it’s projected that one in every four Americans will be 65 years or older, the population for those 85 and older will triple, and we will add around a half million centenarians.
The ‘Baby Boom’ Doesn’t Just Effect the U.S. Economy
In all actuality, the ‘baby boom’ that set precedence across the globe occurred throughout several countries around the world, beginning sometime near the end of the 30’s and lasting until the 60’s. Predominantly, the baby boom took effect in countries that had realized remarkable destruction during and as a side effect of war, inflicting intense economic hardships on the populations therein.
In large part, this occurred as a direct result of families waiting longer to have children due to the Great Depression and both World Wars. Post war, these same families were finally able to afford a move to the suburbs and start a family together.
At large, we remain unsure of the full extent to which this generation will affect the economy.
With this ever-growing number of elderly adults, the U.S. is likely to see a substantially increased demand for healthcare, in-home caregiving, and assisted living facilities….and, final expense or, burial expense coverage.
This is where Financial Providence Group comes in.
We know that the market is set up for explosive growth, making a career with the right agency a gold-mine strategy for any savvy salesperson.
Whether you’ve already worked in insurance or are brand new to the idea, this is the perfect time to get into the market. At FPG, we employ everyone from carpet cleaners, plumbers, husband and wife teams, mortgage brokers, teachers, retirees, etc. The great aspect of this business is that you can start at almost any point in your life, and you don’t need to have any sort of college degree to do well.
The sad reality is that, generally speaking, the Baby Boomers have failed to plan.
Northwestern Mutual’s 2018 Planning & Progress Study found that 1 in 3 Americans have less than $5,000 in retirement savings.
“These fears are substantiated by further data highlighting dramatic savings shortfalls and ebbing confidence in social safety nets.”—Northwestern Mutual, New Research Finds Waning Confidence in Social Security, Americans Expect to Work Longer
Here’s a few of the key takeaways from the Northwestern Mutual study:
One in five Americans have NO retirement savings at all.
One in three Baby Boomers have between only $0 and $25,000 in retirement savings. Three quarters of Americans believe it is “not at all likely” or only “somewhat likely” that Social Security will be available when they retire.
Nearly half of adults have taken no steps to prepare for the likelihood that they could outlive their savings.
The writing is on the wall: The Baby Boomers need us.
As more and more approach retirement and continue to age, we experience increased opportunity to eliminate the burden of unexpected funeral costs imposed on family members due to inadequate preparation.
“Death may come suddenly or after a long illness. But whenever it arrives, there’s a financial impact, and millions of families may have little or no assets to draw on for lost wages and funeral costs when they lose a loved one.”—Nerd Wallet, Unprepared Families Increasingly Turn to Funeral Crowdfunding
Fortunately, we at FPG step in with the best product on the market…affordable coverage that works for any budget.
With indisputable data at our fingertips, consider this your opportunity to transition into a near “guaranteed” line of business: the final expense insurance market.
If you’ve been tired of a traditional 9-5 job, or sick of contributing to everyone else getting rich over your hard work, this is the time to change careers. Don’t wait until the explosive growth has already taken place, and then wonder why you didn’t jump on board years ago!
You may not have ever considered final expense insurance before, but we’ve just outlined the many reasons you should be thinking about it! If you or someone you know is looking for a serious business opportunity, contact FPG to get started today at 888-613-8224!