by Susan Paige
There are many reasons that people think about insurance as they get older. Making sure that loved ones are taken care of is a primary thought, but there are also some specific insurance policies you might need after you turn fifty.
It can be harder to obtain certain types of insurance as you age, but there are still many possibilities for coverage against the unexpected regardless of your age.
Here are what we believe are some of the most important types to consider.
Life Insurance
The older we get, the more we worry about our dependants. Would they be financially stable if we were no longer able to support them?
It shouldn’t be difficult to obtain life insurance beyond 50, especially if you live a healthy lifestyle. For non-smokers without any major health-related issues, it can be very similar to getting life insurance before turning fifty. Still, many companies will request a physical exam.
The most common types of life insurance are term life, coverage for a selected period, and whole life, coverage for a lifetime.
One thing to consider is your circumstances. If your children are still in college, or your mortgage still has some years remaining to pay, you may want to take out term insurance that covers your family until these expenses are paid in full.
As you get older, you many need life insurance to address various final expenses, or burial costs. Having a life insurance policy in force to cover these costs would help your family avoid from wondering how your funeral will be paid for. It may be a good idea to look into a Mutual of Omaha burial insurance policy as they are one of biggest providers in the country.
Medical Insurance
While some debate the importance of health insurance over age fifty, medical insurance remains an important safety net to have.
Again, a physical exam may be required, but as long as you live a healthy lifestyle without significant health-related issues, getting coverage should be a simple process.
The four most common plans are as follows:
- Health maintenance organizations – There may be a lack of options when it comes to finding a care provider with this type of plan
- Preferred provider organizations – Most costly, but there is more freedom for selecting your care provider
- Exclusive provider organizations – You can choose from the companies’ care providers; otherwise, you will have to pay more
- High deductible health plans – This plan is combined with a health savings account
- Point of service plans – These plans offer a lower premium, but this does result in fewer options when it comes to your provider
For many people, the older they get, the more medical attention their bodies require, so a good level of medical insurance can be a good idea.
Travel Insurance
Many insurance companies are offering favorable deals for those over fifty. They take into account some of the relevant information that affects this demographic, such as medical conditions. Some people will find it hard to find travel insurance if they have suffered from a heart condition, diabetes, high blood pressure, stroke or cancer.
Coverage can also protect you against a lost or stolen passport, cancellations, and even pet care.
Travel insurance may be available as a multi-trip policy as well. This is great for anyone who travels a lot for their work or other reasons.
Car Insurance
Essential insurance for any age bracket, you cannot drive a vehicle without it.
Still, anyone looking to continue driving after age fifty should be able to get a reasonable quote from a tailor-made policy for their age range. As a more experienced driver, you are likely to pay a better price than a new or young driver.
Consistent, safe driving over a period of years will work in your favor in some areas. Some companies reward drivers if you can show that you have not been at fault for an accident year after year.
Home Insurance
Seniors who are not in the same physical condition as they once were will benefit from the peace of mind that if anything goes wrong with their property, they are covered.
Homeowners should already know that it is a legal requirement for them to have home insurance.
Insurance companies have found that the over fifty demographic make fewer claims, and when they do, the claim tends to be for less money. This has resulted in cheaper policies for those over fifty. This is great because it is important for seniors to insure their belongings as well as the building itself. Seniors tend to have more valuables and even antiques that need to be covered in the event of an accident or theft.
Pet Insurance
Vet bills can be a major expense when you are on a fixed income. Instead of having to part with a family friend because of the expense, people choose to purchase pet health insurance policies.
These policies work in many of the same ways as normal health insurance and can make expensive vet treatments easy to handle.
It’s clear that people over fifty don’t require different insurance from other age brackets. They can enjoy some of the added benefits that their age may bring. It’s always good to be protected against some of life’s unwanted surprises no matter what your age may be.
So, what do you think ?