AARP and the Triple-I Are Focused on The Longevity Economy®

For immediate release
New York Office: Loretta Worters, 917-208-8842; lorettaw@iii.org

NEW YORK, Dec. 9, 2021—Americans aged 50-plus are among the insurance industry’s primary customers as well as its most valued employees, the AARP and the Insurance Information Institute (Triple-I) agree.

The Longevity Economy®: Economic Recovery and Growth Beyond COVID-19, an online webinar released today, features a lively and informed discussion between top executives at the AARP and the Triple-I about how the missions of these organizations overlap.

“Insurance agents are a trusted source of financial advice,” said Scott Frisch, executive vice president, Chief Operating Officer (COO), AARP, citing his organization’s research. “These licensed agents sell life insurance, annuities, and long-term care products to an audience which should consider buying them.”

Life insurance protects against the death of a policyholder in the form of a payment to a beneficiary. Annuities are a life insurance product that pays periodic income benefits over a specific time or over the course of the annuitant’s lifetime. Long-term care insurance pays for services to help individuals who are unable to perform certain activities of daily living without assistance or require supervision due to a cognitive impairment such as Alzheimer’s disease.

AARP is dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence and nearly 38 million members, AARP strengthens communities and advocates for what matters most to families: health security, financial stability, and personal fulfillment.

Through its purchase of insurance products and their other economic activities, the AARP projects those aged 50-plus will contribute $12.6 trillion to the U.S. Gross Domestic Product (GDP) in a decade, a total of $18.4 trillion by 2040, and calculates that figure will rise to $26.8 trillion by 2050. 

“The U.S. insurance industry employs close to three million people and those aged 50-plus bring extraordinary skills and institutional memory to their employers and policyholders,” stated Sean Kevelighan, CEO, Triple-I.

The AARP estimates 38 percent of the combined workforce in insurance, financial services, and real estate is aged 50-plus. Moreover, Americans aged 50-plus either held or created 88.6 million jobs in 2018, the AARP found. By the end of this decade, that number will be 92.3 million, the AARP estimates.

Founded in 1960, the Triple-I provides objective, fact-based information about insurance while also being a trusted source of unique, data-driven insights which inform and empower consumers. The Triple-I wants people to have the information they need to make educated decisions, manage risk, and appreciate the essential value of insurance.

The Triple-I has a full library of educational videos on its YouTube Channel. Information about Triple-I mobile apps can be found here.