As you get older, your preferences and needs change. You find that there are several things you used to do that no longer interest you. You may not need them or your health prevents you from doing them. Your insurance needs also change with age. Several insurance policies automatically adjust for age provisions. For example, your auto insurance premiums will reduce when you reach the age of twenty five. The insurer believes that a person of this age or older is more mature and therefore less expected to be involved in activities that would increase the likelihood of an accident.
You should periodically review your insurance policies to ensure they are still relevant as your socio-economic status changes and also as you age progressively.
Review your auto insurance
This is especially true if you have attained retirement age which in some states is fifty nine and a half years. Since you are no longer in active employment, you may not need to commute as much as you once did. Review your insurance to make sure you are not paying for more than you need. If you are older or physically impaired, then you probably will not need a car. Certain ailments like Osteoporosis, arthritis and visual cataracts among others hinder the elderly from operating a motor vehicle. Therefore, there is no need to maintain your insurance policy unless the vehicle is driven by a loved one.
Increase your medical cover
This is a very important aspect of insurance for the elderly. Your body is not as strong as it used to be and you are more susceptible to slipping and falling. Other ailments that like the common cold which are treatable may incapacitate the elderly whose immune systems are weaker. If you contract an age related illness that confines you to full time care either at home or in a nursing care facility, make sure that the provisions of your medical insurance covers this.
Review your life insurance policy
When you are younger, you are more focused on making ends meet rather than preparing for the future, let alone death. When age creeps in, you should make sure that your estate affairs are in order especially with regard to life insurance. If you are one of the few individuals who took out a life insurance policy when you were younger, review it with your insurer to make sure that it is still relevant to your current social and economic status.
Increase your homeowner's insurance
Older people are more vulnerable to vandalism and break-ins as thieves think they are less likely to put up a fight. They may also be targeted for jewelry and valuables that many older people keep in their homes as family heirlooms. Home owners insurance can help if you are the victim of this unfortunate incident. Being on a fixed income should not deter you as most insurers offer the elderly great discounts on most types of insurance including home owners because they consider them less of a risk.
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