Fear Factor - What do seniors fear the most?
Written by Gary Onks Monday, 10 November 2008 11:01
If you ask most people what a senior citizen fears the most, they will probably say illness or death of either themselves or loved ones. This would seem to be the logical answer about people whose age has brought them to the final stages of life. However, this answer is incorrect. Seniors are fully aware that due to their age they are facing potential physical and health problems, but those fears are way down their list of concerns about their lives. During my 18 years of marketing to seniors I’ve learned directly from “the horses’ mouths” what really worries seniors the most, and it’s not getting sick or dying. They literally worry that they will live too long.
The top 3 things seniors fear the most are:
- Will I outlive my money?
- If I run out of money, what will happen to me and where will I live?
- Will I become a burden to my children or my family?
These concerns are very practical and make sense because seniors know that once they are gone, they will never be a burden to anyone. Seniors come from an era of extremely strong work ethics and have always prided themselves on being independent, paying their own way and taking care of themselves and their family. The thought of becoming dependent on others and being a burden to anyone, especially their family members, is almost unbearable and they will do anything in their power to avoid having that situation occur.
I began learning this about seniors in the early 1990s while selling retirement community and assisted living units. As necessary as these were to my clients and as nice as the facilities were, I learned that my clients did not want to move there and they told me so. Their desire was to stay in their homes, but aging issues were forcing them to make life changes they did not have the money to address. Their only option was to sell their home in order to get the money they needed. Then they could move to a facility that offered the necessary services. This was an extremely negative emotional experience since they had to give up their home in order to get services they needed. It was like having an estate sale while they were still alive. They would have given anything to stay in their home and be able to pay to bring the services to their home, but alas there was no money available since they were house rich but cash poor.
Knowing these financial fears of seniors gives those of us in the reverse mortgage business a major marketing advantage. Our product does not require melting down their existing home or lifestyle. In fact, we can make these fears disappear and replace them with peace of mind and happiness. No one else offers a remedy to fix these concerns that is even remotely close to what we can give them.
The current economic crisis that fills the front page of every newspaper each day and is the lead story on every radio and TV program is adding greatly to seniors’ monetary fears. They are watching their investments or 401k plans shrink more every day. Their worst financial nightmares are occurring right before their eyes and they are sick with worry about what the future holds for them.
But, as Paul Harvey would say, here is the rest of the story. Reverse mortgage originators offer seniors the best financial news they could possibly ever hope for. Not only do we offer them a financial breath of fresh air, we actually bring them something that is as sweet as a summer breeze. We give them a way to stay in their home for as long as they want without any fear of losing it; and in addition, we give them access to money every month that can help them avoid becoming a burden to their loved ones. It’s no wonder that so many seniors say this is truly a dream come true.
In these dreadfully bad news financial times we are the Good News Missionaries who can truly change seniors’ lives for the better and save them from misery and despair. We are like doctors with a miracle cure that the patients did not realize even existed.
It’s been said that there are three words, which are stronger than “I love you” and those words are “I understand you”. This is what seniors long to hear from us. They seek someone who understands what they are facing, who understands how worried they are and who can offer them a way to be free from their financial fears.
Knowledge is Power. You now have some crucial and very personal knowledge from inside the hearts and minds of seniors. If you use it wisely, seniors will thank you and your sales will soar.
Gary Onks has been selling to seniors since 1990. His book “Sold On Seniors” is acclaimed as “The ‘Art’ of pleasing senior customers” and he is nationally recognized as a senior marketing expert. In 2007 he broke national sales records for reverse mortgage selling. He now offers consulting and training in this business. www.soldonseniors.com.
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