National Senior Citizens Day was created when President Ronald Regan made his Presidential Proclamation on August 19, 1988. He wanted a day dedicated to encouraging others to recognize and show their appreciation toward the senior citizens within our communities. This year we celebrate Senior Citizens Day on August 21, 2014.
This day should also serve as a reminder to ensure that the senior citizens in our lives are fully protected and covered by the right insurance policies. Here is a list of insurance policies every senior citizen should have.
To help pay for medical bills, every senior citizen should have at least one form of medical insurance. This can be through Medicare, Medicaid or a private insurance company. The level of coverage will depend greatly upon any medical conditions and how often he or she needs to see the doctor.
It is never too late to purchase a life insurance policy. There are two types of life insurance: term and permanent. Term life insurance will only pay out if you die within a set amount of time. Permanent life insurance may provide more long-term financial protection.
Some factors that affect life insurance premiums include:
- Overall health
- Pre-existing conditions
- Health habits
- Hobbies, such as skydiving and rock climbing
- Driving record
- Area of residence
Every senior citizen needs auto insurance to protect themselves and others in case of an accident. Tips to help reduce the costs of car insurance include:
- Ask for a mature driver discount
- Complete a defensive driving course
- Have a clean driving record
- Drive a newer car with low mileage
Senior citizens work hard to get where they are at, including being able to purchase a home and fill it with furniture and other personal belongings. Homeowners insurance policies will protect seniors, should anything happen to the home or the contents of it.
For those who are retired and planning to travel, we suggest purchasing travel insurance. Travel insurance offers protection from anything unexpected, including delays, lost luggage and accidents.
Tips for getting insurance
Unfortunately, not all insurance agencies have their clients’ best interests at heart. Here are some tips to help ensure senior citizens are not taken advantage of when purchasing the insurance they need:
- Take your time reviewing and reading the entire insurance policy
- Ask as many questions as you can think of
- Get all proposals in writing with a date it expires
- Never buy the policy that day
- Go home and think about the options
- Never be pressured into signing
- Use a reputable insurance agent, broker or company
- Get a list of full disclosures