Jitterbug is one company that's had a real corner on the market when it comes to selling senior-friendly cell phones to an aging population. Clark's 85-year-old mother has become a heavy Jitterbug user. Unfortunately, many of their service plans aren't exactly designed with the talkaholic in mind, so it's becoming an expensive habit.

Now there's a new cell phone on the market for seniors that promises to be a more cost-effective option for the heavy user.

Clarity may be expensive at $269, but it allows you to sign up for service -- no contracts necessary -- with T-Mobile or AT&T. (It is not compatible with Sprint or Verizon). If you choose to sign a one-year contract, then the phone only winds up costing you $184.99 out of pocket to purchase.

Clark is going to try the Clarity for his mother (on a T-Mobile plan) because it could very well work out financially for her. The Jitterbug, however, still remains a Clark Smart choice for light-volume calling.

There are so many new products ideas out there for an aging population. It's a real sweet spot in the market that entrepreneurs should be looking to serve.

In another example, LoJack is now making a location-tracking wristband for those with Alzheimer's, autism, Down syndrome, dementia and other cognitive disorders. The cost for service is around $20-$30/month.