Today there is an insurance policy for almost everything. The problem is you don’t need almost everything. You just need a small part of the insurance policies out there today. After spending a life working and earning seniors deserve the security that some insurance policies offer. But there are others that they absolutely must avoid.
Insurances To Own
Health Insurance is a very basic type of insurance that should be part and parcel of every senior’s kitty. Because an accident of illness may leave one disabled without the money to pay for treatment, health insurance is an essential type of insurance that every senior must have. No senior wants to be in debt due to ill health.
Health insurance is provided to full-time and sometimes even to part-time employees by several employers. If you lack health insurance today, get it. Sometimes both spouses can be covered under one health insurance plan by the employer.
Even if you do not have health insurance through an employer it is still extremely essential. Health is a basic requirement of life. Sometimes a simple hospital bill can run into thousands of dollars. It isn’t worth it to skimp on premiums.
Life InsuranceCourtesy of Shutterstock.
If you are married and have dependents those who depend on you, then this policy is essential. If you pass away and leave an income gap those who depended on you for their finances like a wife and children might be sorely hit.Â The fact of death is hard, financial woes make it harder. Ideally you should leave a comfortable amount of money that will regularly be given to them through insurance.
Auto insurance is a basic type of insurance. It is a law in many states to have such insurance. Still you often find people driving around without this insurance. Automobiles cost a lot of money and if they are damaged you need the funds to be able to replace or repair them. This insurance also covers you from bodily damage in an accident. It pays for medical expenses and legal defense costs.
This is another important type of insurance to have to cover money borrowed from the bank. Since the home is the most important asset it is essential to make it secure by insuring it. The mortgage payment contains the insurance premium in many cases. For those who rent, a renter’s insurance policy is essential. This benefits you if a disaster, fire or burglary takes place.
Insurances To Avoid
There are some insurances that must be avoided at all costs. Although marketing may make them seem beneficial, they are quite useless. Let us take a look at some of these.
Normally your primary health insurance will cover cancer. This is one of the reasons to avoid this popular insurance. Even more glaring gaps in this insurance exist. For one it does not cover skin cancer. This is the most often reported type of cancer. In addition it does not cover outpatient expenses. Buy this insurance only if you have high chances of getting cancer and if it is uncovered in your primary health insurance plan.
Flight And Travel Insurance
This insurance coverage often is already present in your other health insurance plans. Check to see how your current health and life insurance plans cover travel. Often when you use credit cards to buy tickets you automatically get covered for this insurance. Check that you aren’t buying more than you need.
Mortgage Life Insurance
In the event you die or become disabled, this policy will pay your premiums. But is that a good idea? Think again. This is coverage that overlaps with your current life insurance. The event is already covered and this policy offers narrow coverage.
Insurance is a highly technical subject and so you should be sure of what you are buying. Buried under volumes of fine print is reality. When you go out there to buy insurance as a senior remember to research and seek good advice.
Guest post by contributing author Linda Michelle. To calculate insurance rates click here.