The different Types Of Insurances That Every Senior Should Consider


Generally, when people think of insurance coverage for senior citizens their minds immediately turn to medical care insurance such as Medicare and Life Insurance coverage. Looking into available coverage for aging parents it was surprising to learn of travel insurance and funeral insurance as well.

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Other insurances for seniors most tend to ignore are home, car, natural disaster and investment insurances. It is as if there is a tendency to think of seniors as being disabled and not the vibrant people who live life and enjoy the benefits of retirement.

Senior Citizen Disposal Income Contributions And Travel

The organization AARP, representing 38 million members in the United States, tracks information concerning their primarily senior citizen based membership. According to AARP statistics seniors account for more than 70% of all disposable income in the US. 65% are no longer burdened by mortgages and other debts.

Travel is one of the perks of leaving the workforce. It is one thing that most people look forward to as they age. Seniors make up 80% of luxury travel purchases in the United States. AARP states that 99% of baby boomers will take at least one leisure trip this year. Tours, cruises, world travel and sightseeing adventures are very popular. This doesn’t take into account seniors traveling to visit children and grandchildren. Is it any wonder that travel insurance providers target seniors for insurance for their travel plans. These insurance policies may cover ticket reimbursements, travel itinerary changes and medical coverage while traveling.

Life And Final Expense Insurance Coverage

One of the downsides of aging is the inevitability of mortality. Seniors seek life insurance to care for their loved ones in the event of their departure from life. A number of insurance providers take advantage of federal laws and subsidies to provide seniors with extra life insurance as they age. Most individuals will have had policies in place while still in the workforce and raising families. Many of these policies carry forward into retirement. Companies can now provide new or additional coverage at reasonable senior rates, many with no medical exams required.

Related to life insurance is its cousin final expense coverage insurance. Burial costs can easily exceed $10,000 today. Savvy seniors plan ahead on using the services of companies that provide various different types of Insurances which are unusual. Freedom funeral insurances and other final expense insurance coverage companies pay a set sum to provide for burial expenses and other minor final expenses.

Home And Car Insurance

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Home and auto insurance coverage are a continuing expense for the aging. Even with the majority of seniors living mortgage free, homes and vehicles need to be covered for life’s unforeseen complications. Many times the same companies have been utilized for years and offer the benefits of discounts for loyalty and responsible usage of insurance coverage. Maintaining a good driving record and caring for homes and vehicles provide the advantages of additional discounts.

Medical Insurance Needs

Medical care during the retirement years becomes a necessity. With an aging population, prescription drugs are more prevalent, especially for age related issues such as high blood pressure, vitamin deficiency and muscular or skeletal degeneration. In the United States seniors have Medicare services to cover a majority of costs. Medicare Advantage Plans or supplemental insurance is also available to further reduce costs to seniors.

Supplemental insurance coverage may also be purchased for unexpected medical needs to further protect seniors. These services will cover healthcare expenses otherwise left out of Original Medicare coverage, including coinsurance and required deductibles. Medicare coverage does not include dental, vision and hearing. Supplemental plans often are added for these contingencies of aging. Mutual of Omaha and AARP are two respected companies offering supplemental health insurance coverage plans.

As people age, they are more likely to experience injury and disease. Consider that in the US the number of people over 65 is expected to grow beyond 50 million in the next few years. Only an estimated 11% of seniors regularly exercise. 30% of the senior population is considered obese. Advances in medical technology increase the expected lifespan of men and women, putting an increased demand on available medical resources.

As you have seen, seniors are a vital part to our community and economy. Proper planning for insurance throughout your life will prepare you for the opportunities and needs required as you age.

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