I Finally Got My Living Will In Order - EASY Wireless

Life Is Precious - Insurance Is Cheap

Well, at least the first part of that sentence is true. Insurance is one way to show our appreciation for how precious life is. It shows how much we want to protect it - in any way we can. Insurance. While insurance is necessary, it is definitely not cheap. As seniors, we have lived long enough to value an honest buck. It is unfortunate that we have to spend so much money on insurance, but we understand the need for it.

Did you know that some of the perks of older age are the bargains we get just for living longer? That's right, the world of insurance has some added perks for seniors too.

This guide on insurance for seniors will outline how you can capitalize on your age when it comes to insurance. And, while we are at it, let's get a brief overview of some major types of insurance. We say major because, nowadays, you can insure anything.

First Things First - Let's Protect The Heartbeat, Why Don't Cha? - Health Insurance- EASY Wireless

First Things First - Let's Protect The Heartbeat, Why Don't Cha? - Health Insurance

Healthcare is such an important topic for seniors. OK, we agree, it's an important topic for everyone! Click this link to look at our guide just for healthcare, entitled "Senior Healthcare: Major Considerations In Healthcare For Seniors" It is an in-depth guide to help you:

  • Learn more about Medicare and Medicaid
  • Understand how your mobility has been compromised as you age
  • What to do about your compromised mobility. There is a link to the eldercare locator which gives you a wealth of information on how to maximize community care options
  • Understanding how your vision has been affected or can be affected as you age
  • The bottom line, how healthcare cost is determined for seniors
  • Whether you should choose to live in Senior care residences or other senior facility or stay-in-place at home and receive outside healthcare
  • An overview of prescription drug plans for seniors
  • Healthy aging options for the on-the-go senior or the stay-at-home senior. You can be both, with the right health insurance choices
  • An overview of mental health concerns for senior citizens

Health insurance is a major part of staying healthy, and is part of all of the above. Take the time to review our guide.

Additional Insurance Perks

Many health insurance companies offer discounted memberships to gyms and other health managing options. When you're shopping make certain to ask the agent you're speaking with about the perks for seniors.

We've all heard about the perks that Medicare provides (sometimes) based on your income, including free meals, money back each month, as well as other perks. Not only do these perks depend on your income, they depend on your state's mandates .Go to the usa.gov website to find out about added benefits for particular healthcare plans.

Okay, So The Coffin, It Is - Life Insurance - EASY Wireless

Time to choose - Life Insurance

Funny, to follow the section on health insurance with the section on life insurance. However, that's how real life is - no matter how great your health insurance choice is, death is inevitable. Your life insurance choices will give you great peace of mind if you make the right decisions. Whether you have to use life insurance monies for:

  • Final expenses
  • To pay off credit card or other debts
  • To leave to loved ones
  • To leave to a charity or other institution of your choice

... life insurance is a necessary part of life we don't always want to deal with.

Different Types of Life Insurance

  • Term life – this is an insurance policy that pays a death benefit if you die within a specific period of years, i.e. a 10-year term. It is more affordable than whole life insurance, but if you live longer than the term you don't get your money back and there is no death benefit paid. Some people consider it a waste for this reason. However, it's good to have if you cannot afford whole life insurance
  • Whole life insurance is a fuller option. You pay a higher premium, but you build up cash value over time. You can borrow against this money or you can withdraw money for other purposes. Whole life still has a death benefit and is a more attractive financial product. However, there is a cost.

These are just broad overviews of the two major types of life insurance. There is also accidental death insurance, which pays a death benefit if you die accidentally. There is dismemberment insurance, which pays a benefit if you are dismembered by some sort of accident. There are various types of life insurance that you can research to get more information.

Which Type Of Life Insurance Should I Choose?

No one would put you in a cookie cutter! And you'd want no one to put you in a cheap pine box, either. Everyone's life circumstances are different. You may be a senior citizen, but you are the sole caregiver for your grandchild or great grandchild. You may want to opt for a better life insurance policy for this reason. You may want to leave them a little something behind when you pass away. Which life insurance policy is best for you depends on your life circumstances. Seek help from family, friends or an attorney if you need help in choosing which type of insurance is best.

According to nerdwallet.com the best life insurance companies for seniors include

  • Guardian life – rated best because of their extended coverage feature
  • AARP – rated best because there's no medical exam
  • MassMutual – the very best for elderly applicants
  • New York Life– Read it fast because of the insurance coverage range
  • State Farm – rated best for their customer satisfaction
  • Northwestern Mutual – rated best for the potential to earn dividends on your investments

Life insurance for seniors is important because Social Security does not pay enough for you to be buried. The average Social Security death benefit is less than $300 while an average funeral cost is over $10,000. Again, it depends on what you need the insurance for.

Life Insurance Perks

Speak with your life insurance agent to find out if there are added benefits for your age. Each company is different and they may offer specific benefits. As listed above, MassMutual is rated very best for elderly applicants.

Where I Lay My Head - Home Insurance / Renter's Insurance - EASY Wireless

Where I Lay My Head - Home Insurance / Renter's Insurance

Taking care of our dwelling has been a responsibility of adulthood. As you get older, the perks start perking up. There are many benefits for seniors who have to maintain homeowners insurance and renter's insurance.

Homeowners Insurance

In a nutshell, Allstate defines homeowners insurance as coverage that can help you pay to replace your home or repair your home if there is damage in certain cases. Some of the examples are fire or theft. Also, acts of God can be covered like hurricanes or other natural disasters. Homeowners insurance is very specific to your state, and your dwelling. Homeowners insurance can also cover liability if someone is injured in your home or if you accidentally damage someone else's property.

Banks require it as part of the conditions for a mortgage. Information obtained on the website, Farmers.com states that you are not required by law to have homeowners insurance. Almost all homeowners carry this protection because of the danger of complete financial ruin if something happens accidentally.

Renter's Insurance

Renters insurance is on average about $10 a month according to quotewizard.com. Renters insurance is important if you live in a senior residential community and for the following reasons:

  • If you are the sole owner of your furniture
  • If you have a pet

Renters insurance covers all of these things and a specific policy can be drawn to include your particular situation. In general, renters insurance covers

  • Theft
  • Vandalism
  • Fire
  • Lightning
  • Hail
  • Wind storms

Rental insurance for seniors includes coverage of your storage facility, as well. Many seniors have had to put items into storage when they have relocated to a senior living facility. What great peace of mind to know that the items in your storage unit are covered! Your rental insurance covers a higher rent payment if you are relocated due to repairs or an unexpected relocation. In this instance it also covers:

  • Restaurant meals
  • Laundry
  • Rental furniture

Benefits of Dual Coverage

The benefits of having both homeowners' insurance and rental insurance are many. The greatest perk is that you don't have to go through your entire retirement savings or fixed income monthly check to cover a liability item. People are suing people for everything nowadays. You will be covered and you will not have to pay out-of-pocket for the unexpected. Also, many insurance companies have benefits for senior citizens and rates are lower for the elderly in many cases.

As stated above, the average renters' insurance premium is $10 a month for tens or hundreds of thousands of dollars in coverage.

Also, if you live in a senior living community, most likely the community insurance covers the structure of the building, but it does not cover your individual unit.

Riding Around In My Automobile

Riding Around In My Automobile - Car Insurance For Seniors

We like dating ourselves with these senior guides and this one is no exception. That being said, if you are of a certain age, you will recall the 1964 Chuck Berry classic referenced in the above section title. The Chess Records hit entitled, "No Particular Place To Go" pretty much sums up many senior citizens' lives.

Not in a bored, nothing to do sense but in the we've earned the luxury of having our time to ourselves sense. Now that we have retired, many of us fit this particular scenario. Taking a drive for the sake of taking a drive. However, we know we have to have our car insured.

A typical car insurance policy covers the following:

  • Auto liability
  • Uninsured and underinsured motorist
  • Comprehensive items
  • Collision
  • Medical payments
  • Personal injury

Perks – Unfortunately, in the case of our insurance for seniors guide, there are no perks. As you get older, insurance policy premiums go up. Let's clarify. After the sky-high premiums of the teenage and early twenties years, the rates go down significantly. At age 25 and forward, adults will see a diminishing policy rate. This rate gets really good in your 50's and 60'! People who are still in their 50s and 60s are enjoying the lowest insurance premium rates of their adulthood. However, once you hit 65 that story ends! Rates go up.

A Word of Caution

Unfortunately, seniors get into more accidents… and according to forbes.com they are killed in those accidents more often. Not you per se, just some OTHER seniors, thank goodness! bottom line, be careful out there.

Be honest with yourself, and listen to your healthcare team, friends and family. If it's time to hang up the car keys, hang them up. A grandchild is in desperate need of your set of wheels. Maybe you can use the car sale/ car payment money for something else. By all means, do not let your keys be taken from you or added to your property after your demise. You are better than that!

Don't Get Your Nose Out Of Joint - Insurance For Seniors Includes Business Insurance - EASY Wireless

Don't Get Your Nose Out Of Joint - Insurance For Seniors Includes Business Insurance

Protecting your assets includes keeping your business secure in the event of calamity.

Business Insurance / Commercial Insurance

If you are fortunate enough to be a business owner as a senior citizen, it's more important than ever to protect your personal assets. In the event of an accident, or damage to your property or business, without business insurance, your personal assets may be tapped.

Today, many people are finding the need to develop a small business to make ends meet. In that event, you should make certain that you get coverage for your small business. This is a shortlist supplied by The Hartford.com on different types of insurance that small businesses are in need of:

  • General liability insurance
  • Commercial umbrella insurance
  • Data breach insurance
  • Commercial auto insurance
  • Workers compensation insurance
  • Business income insurance
  • Professional liability insurance

Perks – Speak with your agent about the benefits you may obtain by being a senior citizen who is also a business owner. Unfortunately, there is not much information about this special case. Undoubtedly, there's some age bias going on the World Wide Web. Getting older does not mean your capitalist desires have to end!

Riding Around In My Automobile - Car Insurance For Seniors - EASY Wireless

Living Life To The Fullest - Insurance For The Spices Of Life

Living your golden years to the fullest includes the addition of some toys. Believe it or not, many of these toys like:

  • Trailers
  • Recreational vehicles
  • Motorcycles
  • Water craft

...need coverage.

Getting coverage for your toy vehicle or boat is important to protect your health as well as protect you from liability in the event of a collision or accident. You want to make certain that you and the other party are fully covered and your personal assets are not touched.

Perks – as with motor vehicles, there are not many perks for seniors who engage in toy vehicle experiences. The thrill of the ride is benefit enough for many. Exercise caution as we have found, seniors get into more motor vehicle accidents - same thing with these toy vehicles. Enjoy with caution.

Cellphones Are Not Extras - They Are Necessary - EASY Wireless

Cellphones Are Not Extras - They Are Necessary

Maybe you can afford some extras by keeping some of your well-earned money in your pocket. One expense that EASY Wireless and the Federal Communications Commission, (FCC) are trying to help you with is that dastardly cell phone bill. In fact, the government launched the Affordable Connectivity Program (ACP) to give qualified households a discount on their internet service. You may qualify for this benefit if you are already receiving the following:

  • Medicaid
  • Supplemental Nutrition Assistance Program (Food Stamps or SNAP)
  • National School Lunch Program (NSLP)
  • Pell Grant Awards
  • Women, Infant, and Children (WIC)
  • Federal Public Housing Assistance
  • Veterans and Survivors Pension Benefit

You can also qualify for ACP through income if you make below a certain amount.

Visit EASY Wireless to find out if you can benefit from one of their plans by clicking this link.

For More Helpful Tips

For more helpful and useful tips check out our comprehensive guide titled, Senior Citizens - Guide for Living Your Best Life.