Insurance policies seniors should consider now

No matter your age, it’s never too late to boost your personal financial protections.

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It’s never too early or too late to improve your personal financial health. While many people use the start of a new year as a new chance to get out of debt or to start saving, there is no one specific time to boost your finances. This also applies to insurance and overall financial security. While 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) to have for older people.

With so many different insurance types and providers on the market currently, it can be hard to determine which ones are worth pursuing and which ones are worth skipping. For seniors, in particular, 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, for example, you can start by getting a free price quote to determine if it’s worth it for you.

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 benefit from 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 insurance policy 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 estimate and 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 Security and other retirement benefits, this can quickly become cost-prohibitive. Fortunately, pet insurance can help alleviate many of the economic concerns related to treating your pet. In exchange for a small fee to 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…

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