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You didn’t have to look too far in May to find disappointing economic news. Not only did geopolitical tensions and overseas conflicts result in a spiking oil price, but inflation has been surging, too. According to a May report, which detailed the rate in April, inflation is now at its highest point in three years. Interest rates also remain elevated, and there was no Federal Reserve meeting in May to help push them down, nor is there an expectation that the central bank will do so when it meets again later in June. And while stock market performance may be strong now, that may not do much to protect the income and everyday savings for millions of Americans.
That reality is especially pronounced for seniors and older Americans, many of whom are reliant upon a tight budget made up of retirement savings and Social Security benefits. For these adults, the past month was a stark reminder of the strains on their finances – and what they should be doing to better protect their financial health. While adding a new monthly bill to the mix may feel counterintuitive, there’s a strong case to be made for reevaluating select insurance types now, in the uncertain economic climate many now find themselves in. Below, we’ll examine three specific ones worth further exploration this June.
Start by reviewing your top life insurance options online today.
3 insurance types seniors should explore this June
It’s never too late to revisit your insurance protections, and it may be particularly important to do so this month, with the economic climate uncertain for so many seniors and older adults. Specifically, it can be worth taking a closer look at these three insurance types now:
Life insurance
If you were counting on your savings and retirement funds to pay for end-of-life expenses like funeral services or were simply relying on both as an inheritance to pass on to loved ones, but have since used them for higher, everyday expenses, it may be worth looking into your life insurance options now. Life insurance can adequately accomplish both of those goals, and it doesn’t need to be in exorbitant amounts, nor does it have to come with a big price tag.
Term life insurance can suffice, and whole life insurancewhile usually more expensive, can also help, as it has a cash component that seniors can potentially leverage while still alive. If you already have life insurance, meanwhile, you may be overdue to revisit your costs, terms and benefit payouts, especially if your financial circumstances or goals have changed thanks to recent market volatility.
Learn more about your current life insurance options here.
Long-term care insurance
Whether you’re planning to age in the comfort of your own home or via an assisted living facility or nursing home, long-term care insurance can help cover the costs. Long-term care insurance will help pay for an in-home caretaker (of which family and friends may be eligible) or offset the costs associated with external facilities.
This will mean a monthly bill now, perhaps before you even need assistance, but it could be worth it if it means keeping your retirement funds intact in the future. It also offers something many valuable insurance types can’t quantify – peace of mind knowing that the inevitable expenses you’ll need to deal with later in life will be covered once they arise.
Learn more about your long-term care insurance options now.
Medicare supplemental insurance
Medicare can help cover many of the expenses you’ll have to deal with as you age, but it won’t cover them all. That gap can be filled, however, with Medicare supplemental insurance. Also known as “Medigap” thanks to the hole it’s filling, this unique insurance type can help pay for co-pays, deductibles and other expenses that you’d otherwise have to go into your savings to cover.
And considering that you’ve likely already borrowed from savings in the economic climate of recent years for these and similar expenses, it makes sense to offset those costs with the financial protection a robust Medicare supplemental insurance plan can offer. It’s easy to compare multiple policies, terms and costs online right now.
Start shopping for Medicare supplemental insurance online here.
The bottom line
In today’s economy, every financial decision needs to be made with careful consideration. And that extends to adjusting or adding new insurances. Still, life insurance, long-term care insurance and Medicare supplemental insurance all have unique and timely benefits for seniors this June. While they may not have played a role in their financial well-being in the past, they can offer critical protection now, helping offset some of the financial turmoil felt elsewhere. Consider evaluating all three, then, and get quotes from multiple companies in order to ensure both affordability and robust coverage.