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Monday, June 24, 2024

Insurance policies seniors should consider now

While many people use the start of a new year to set personal finance goals on tasks like cuttingdebt or boostingsavings, there’s never a bad time to improve your personal financial health. This also applies to insurance and overall financial security. Policies like life insurance and health insurance benefit people at many stages of their life. They can also be advantageous (and some would argue, crucial) for older people.

With so many different insurance typesand providers on the market currently, it can be hard to determine which ones are worth pursuing and which ones are worth skipping. For seniors who may be on a limited budget, it’s crucial to understand why a specific insurance type is valuable before signing on the dotted line.

If you’re a senior considering life insurance, you can start by getting a free price quoteto determine if it’s worth it.

Insurance policies seniors should consider now

It’s never a bad time to boost your personal financial protections. Here are three insurance policies older adults could benefit from now.

Life insurance

Yes, life insurance is traditionally considered to not be “worth it” for seniors. That’s because the cost of a policy relative to the amount of coverage that can be secured may be uneven. There are some seniors, however, who may actually benefitfrom taking out a life insurance policy and they won’t have to hurt their bank account to do so.

For seniors looking to cover end-of-life expenses like a wake, funeral and burial, a term life insurancepolicy for a small amount may be worth pursuing. For older adults who are looking to leave an inheritance to their loved ones – and currently don’t have any significant savings or home equity to pass on – then a life insurance policy may also be appealing. It also may be valuable for seniors who have significant debt and are concerned about passing that on to loved ones.

So don’t automatically discount a life insurance policy. Get a free price estimateand see if it makes sense for you.

Pet insurance

If you’re one of the millions of pet owners in the country then you already know how expensive it can be to take care of an animal. Trips to the vet for your dog or cat can quickly add up, particularly for owners of new pets. Between vaccinations, treatments and general wellness visits you can easily spend hundreds – if not thousands – of dollars on your furry friend each year.

For seniors, many of whom may be relying on Social Securityand other retirement benefits, this can quickly become cost-prohibitive. Fortunately, pet insurancecan help alleviate many of the economic concerns related to treating your pet. In exchange for a small feeto a provider each month (think less than $100, depending on a series of factors and whether you have a dog or cat) you can get guaranteed medical care for your furry friend. And you won’t have to worry about what you can and can’t afford as pet insurance companies will reimburseyou for a wide array of treatments.

Start by getting a free price quoteto see if pet insurance makes sense for you and your pet.

Travel insurance

As you age your mobility may become limited and traveling could become arduous. This doesn’t mean that you shouldn’t still travel, take vacations and attend family events. You just may need to be more judicious about where you go and how you get there. You may also need to be aware of any potential issues that could inhibit your traveling, particularly when spending hundreds or thousands of dollars.

Fortunately, travel insurancecan help protect you. For a reasonable cost (typically anywhere between 4% and 8% of your full trip, according to the U.S. Travel Insurance Association), you can insure your trip so that you’re reimbursed for any cancellations that may arise.

A comprehensive travel insuranceplan will generally provide coverage for things like medical emergencies, lost or missing luggage, trip interruptions, delays and even outright cancellations.

So, yes, it’s generally worth hopping on that flight and attending that wedding. But it pays to get travel insurance in case anything pops up – that way you won’t be on the hook to pay for a trip you never took.

You can review multiple travel insurance options with Squaremouth nowor use the table below to compare providers.

The bottom line

Insurance isn’t just something you set and forget. The protections a robust insurance policy can offer are too important to be aged out of. For seniors, in particular, it can be crucial to protect your finances. Accordingly, and depending on your personal circumstances, a life insurancepolicy may be helpful to have. And if you’re a pet owner or planning your next trip, pet insurance and travel insurance can also be worthwhile.

You can get a free life insurance quotenow to see if it makes sense for you.

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