The trend: The number of global consumers ages 65 and older will double by 2050, and the concentration of wealth among this population will keep growing as well, per McKinsey’s “Global Insurance Report 2025.”
Life insurers must be ready to meet this group’s needs with specialized products.
What they need: According to the report, there are a few key products that could resonate with aging consumers.
- Products like annuities with guaranteed income—which have been extremely popular as consumers sought stability amid economic uncertainty
- Solutions that combine life insurance with health and wealth management to address holistic financial and wellness needs
- Products designed for asset accumulation, like alternative asset funds, tailored to retirees' financial goals
- Insurance products that facilitate efficient wealth transfers, like whole-life insurance policies or customized financial planning.
The knowledge gap: While many life insurers already offer products like these, there’s often a gap in product awareness among consumers who could benefit from them the most.
What this means for life insurers: Offering products that help aging consumers catch up on retirement and accomplish multiple goals at once can help issuers meet this growing demographic’s needs.
They must be prepared with simple marketing campaigns that explain how they help clients solve their specific problems—while also providing transparency around pricing and how to apply.
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