[This article was generated by ChatGPT and has been edited by the Surer team for clarity, readability and context.] Baby Boomers in Singapore are a fascinating bunch. They grew up with kampung neighbours, watched the first colour TVs, lived through the rise of Orchard Road, and can still remember when kopi was 50 cents. And now? They’re the ones holding serious assets, often semi-retired, helping their kids with housing down payments — and asking questions like: “Do I need more insurance? I already bought something 20 years ago…” If you’re a general insurance intermediary trying to decode what Boomers really think about insurance — this one’s for you. This is the most common Baby Boomer insurance conundrum. 📊 A study by the Life Insurance Association of Singapore (LIA) found that over 40% of policyholders aged 55+ are unclear about their coverage — especially when policies were bought decades ago and documentation has either faded or disappeared into the void that is the “important drawer”. 💡 Your job: Be a decoder. Say things like: “This is a good hospitalisation plan, but it doesn’t cover post-surgery recovery at home. Want to look at options for that?” This kind of proactive support builds serious trust. Boomers are value-conscious. Many live on fixed retirement incomes and are deeply aware of rising costs — especially in healthcare. They often ask: “Why did my premium increase?” “What if I can’t keep paying later?” “Is this really necessary?” 📊 According to MOH, healthcare inflation in Singapore averages 10% annually, far outpacing general inflation. And they feel it. 💡 Frame the conversation around value, not price. “This plan helps make sure you won’t need to dip into your retirement savings if you’re hospitalised or need long-term care.” Also: explore products with level premiums, guaranteed renewability, or lower-cost riders tailored to their stage of life. By the time someone’s 60+, they’re usually not looking for wealth accumulation — they want: Healthcare security Coverage for unexpected accidents Assurance they won’t be a financial burden They’re also sometimes carrying leftover coverage from when the kids were younger — like education riders or income protection plans — that may now be irrelevant. 💡 You can help them streamline. “You don’t need all of this anymore. Let’s trim the fat and boost the protection that matters now — like critical illness or home care support.” Boomers love simplicity. Help them Marie Kondo their insurance. This is a generation that believes in family. Many are still supporting their children financially, or looking after grandkids regularly. When it comes to big financial decisions — they often consult the family WhatsApp chat. 📊 In a 2021 survey by Prudential, 58% of Singaporeans aged 55+ say they involve their adult children in major financial planning discussions. 💡 Be the adviser that supports the whole family. Surprise — sometimes they want to upgrade. If you’ve built trust, Boomers will open up about worries like: Being hospitalised long-term Needing home care in future What happens if they fall and can’t work or drive anymore This is a great opportunity to introduce: CareShield Life supplements Long-term care riders Personal accident plans designed for seniors Home contents insurance (especially if they live alone) Don’t overcomplicate the pitch — just highlight the protection it offers. To you, general insurance might be about unlocking new product tiers or bundling benefits. To them? It’s about living with dignity, staying independent, and not leaving a mess behind for their children. Be their calm in the storm. Be their translator, guide, and occasional tech support. Because once you win over a Baby Boomer? You’re not just their insurance person — you’re part of the trusted inner circle. It is fuss-free. No credit card or payment required.
🤷♂️ “I Have Insurance… But I’m Not Sure What It Covers.”
Offer to review old policies with them and explain in simple terms what they do — and don’t — cover.
💸 “Insurance Is Getting More Expensive, Right?”
🧠 “What Do I Actually Need at My Age?”
Say:
👨👩👧👦 “Can You Talk to My Kids About This Too?”
Offer to explain things to their kids, especially if it affects inheritance, caregiving or shared home ownership.
🧾 “Do I Need to Add Anything New?”
🏁 Final Word: Baby Boomers Want Reassurance, Not Revolution
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