The options for insurance are nearly limitless and deciding which policies are right for you can be overwhelming. Many seniors turn to their trusted insurance advisor for guidance in making this important decision. The advisor can help a senior determine whether they need life insurance at all, and if so, which type of policy is most suitable. A certified financial planner can also create a financial plan to help a senior understand how their current assets and income will support their goals over time, including the need for additional coverage through an insurance policy.
Choosing the Right Insurance for Seniors
When considering insurance for seniors, there are several factors to consider including cost, type of coverage and reputation of the insurer. CNBC Select analyzed 13 top life insurance companies based on these key criteria, leveraging data from the trusty life insurance analytics specialist Veralytic, complaint data from the National Association of Insurance Commissioners and customer satisfaction studies from JD Power.
There are two main types of insurance Find out that seniors may need: life and health. Both can provide peace of mind for the senior and their family, but they differ in terms of the amount of coverage that is provided and how the policy works.
Life Insurance for Seniors
One of the biggest benefits of life insurance for seniors is the ability to leave behind a death benefit for loved ones. The amount of the death benefit can be used to pay final expenses, cover funeral costs, or to help debtors settle outstanding loans. A lot of life insurance providers offer a range of options for seniors that vary in both term and whole-life coverage. Some options also include add-ons and riders that can increase the premium but also provide more coverage.
Having good health is essential for getting the best coverage at a competitive price. If a senior is healthy, they can often get better terms on their life insurance and reduce the overall cost of the policy by lowering their risk factors. This can include quitting smoking, losing weight, and avoiding other potentially risky behaviors.
The type of health insurance that a senior needs depends on their current medical status and future plans. It’s important to find a plan that covers their desired medical treatments, prescriptions, and hospitalizations while offering competitive prices. Ideally, the plan should also offer free medical health check-up facilities, short waiting periods for pre-existing diseases, OPD coverage, and domiciliary hospitalization cover.