Top 3 Insurance Products for Baby Boomers

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As the “Baby Boomer” generation ages, the entire concept of retirement seems to be changing. No longer is retirement seen as a time to spend your days in idleness, but rather a time to take new adventures and explore new opportunities. Since this generation seems to be living longer, healthier lives than the retiring generations that came before them, they are looking for an exciting new phase in life, rather than prematurely giving their lives over to senility.

Of course, the “new beginnings” that baby boomers are looking for often require financial stability in order to be feasible, and the financial outlook for many members of this generation isn’t exactly promising. Many baby boomers have not focused enough on saving for retirement. Whether out of ignorance or fear, the aging population hasn’t planned well for their future, and many now stand in a place of uncertainty.

As retirement looms for baby boomers, they will start to pay more attention to their financial situation. As an insurance expert, that’s where you come in. You should be ready to offer them the products they’ll need in order to feel secure in their lifestyle. Below, we take a quick look at the top three insurance products baby boomers should be interested in.

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Annuities

Annuities can provide retired people with a source of income, which is a top concern among baby boomers. They come in various types, although they can basically be narrowed down into two categories: immediate (pays out immediately) and deferred (payments accumulate over time). There are also fixed annuities (payments of the same amount) and variable annuities (payments based on investment performance).

As you learn the pros and cons of all the options, you’ll be able to advise baby boomers on the best choices for their specific situations, bringing them confidence in their income security for the future.

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Investments

Investing directly in stocks, bonds, and mutual funds is a good way for baby boomers to diversify their portfolios and add to their retirement income. Depending on the age and personal preference of the client, he/she will likely want a mixture of investment types, in order to offer both long-term growth (stocks) and lower risk growth (bonds, cash).

Conservative investments can be a great way for baby boomers to feel a little more secure about their financial situation. As they feel more financially independent, baby boomers will be able to look forward to retirement, rather than dread it.

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Long Term Care Insurance

As health becomes an important issue for aging baby boomers, they may want to consider long term care insurance, which would help cover the costs of an assisted living center or nursing home, should the need to move into one ever arise. While the cost of these plans is often high, it may be worth it for some baby boomers, especially if the likelihood of such care is likely in the future because of medical or family history.

The decision to purchase long term care insurance will depend heavily on these factors, as well as the client’s current financial situation; for some retirees, the high costs of these simply aren’t feasible.

Regardless, this is a product that should at least be introduced to all baby boomers. The cost of this type of care, without insurance, can be extremely high, so if it is even a possibility, it should be seriously considered.

Helping the baby boomer generation feel confident and secure about their impending retirement is very important, and very needed. As we help this generation become informed about their options, we can help make the transition from work life to retirement go a little more smoothly.

5 Things That Make Lynnwood, Washington Awesome

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Lynnwood, Washington, at first glance, isn’t much different from any other “bedroom” community in the Seattle area. However, once you look a bit deeper, you’ll find that Lynnwood isn’t quite the sleepy little suburb that it might first appear to be. Lynwood, like most every other city, has its hidden gems and things that make it unique. Let’s explore 5 of these, in no particular order, shall we?

  • Public Artworks

From custom artwork on benches in a park, to a fused glass window in the Public Library, to artglass windows in a firehouse, Lynnwood is a treasure trove of public artworks. There’s a bit of something for everyone, too, be they art enthusiast or a young Visit the “Gentle Encounter” statue in Heritage Park with the kids. Or take a walking tour of public art works ranging from sculptures to a blown glass vessel, arrayed along 44th Avenue between 188th and 194th Streets. Lynnwood has a somewhat unique commitment to public artworks, with 1% of every new construction project’s budget going to the Lynnwood Arts Commission for the production or acquisition of new pieces.

  • Public Spaces

Much of the public artwork on display in Lynnwood is located in the city’s public parks. Lynwood has over 350 acres of dedicated public parkland. Over 230 acres are in developed park spaces – playgrounds, sports courts, picnic areas, athletic fields, spray parks, a skate park and more. There are over 100 acres of undeveloped open spaces – green spaces for walking, sun worshiping, and family recreations. Then there’s 20 acres of undeveloped park land, allowing a bit for Mother Nature to take over, and for birders and other wildlife enthusiasts to enjoy. Lastly, there are over 14 miles of public walking/biking trails within the city limits. There’s no excuse to stay stuck inside when living or visiting Lynwood.

  • Heritage Park

Many “modern” cities seem to always be looking forward to the future, and not paying much attention to their past. After all, for most “modern” cities, there isn’t much past there to remember. Lynnwood, however, hasn’t forgotten its past, or how different things were from how things are. From the era of WWI, to the 20’s when the area was the nation’s second-largest egg-producer, to 1959 when Lynnwood was finally incorporated as a city, Heritage Park will take you on an informative trip down the city’s Memory Lane. Come visit the original mercantile, the water tower, a pre-depression era Interurban railway car, and much more.

  • House of Clocks

You wouldn’t think a clock and watch shop would be anything special, but the House of Clocks in Lynnwood is just that. The building was originally a highway-side service station, built in an A-frame style in 1929. The owner and his family lived behind the station, on a small farm, growing strawberries. In 1963, the Nofziger family bought the service station and transformed it into a clock store and repair shop. The Nofziger family still owns and operates the House of Clocks to this day. Isn’t it “time” you visited this not-so-hidden gem?

  • Something for Everyone

From the preschool programs at the library, to the Teen Alliance group, to the many volunteer opportunities for adults, and the excellent programs and center for seniors, Lynnwood has something to offer every member of the family and society. Lynnwood is a rather racially diverse community, too, with Asians, African-Americans, and Hispanics offering their unique cultural interpretations. Everyone has the potential to find something to take part in, belong to, and enjoy, in Lynwood.

While not the largest of Seattle’s suburbs, Lynnwood makes up for its lack of size with a surplus of style and dash of quaintness. Come and experience all 5 of the above, as well as all of Lynnwood’s other offerings.