Bergeron Brief’s – Dealing with Insurance (Part 3) – Marlborough
Atty. Arthur Bergeron talks with Michael Murphy on insurance issues older adults often deal with.
Life Insurance At 60 And Older
The number of people who reach the age of 60 is increasing at a rapid rate, which has caused a downturn in the prices of term life insurance all over the globe. As a matter of fact, studies have shown that the amount that they prices have gone down for those over the age of 60 is around 30-35%. With the increase in senior citizens, there are more life insurance companies that are working hard to keep up with the demand to offer quality protection so that they can meet client needs. This will lend to more options for seniors, so if you are age 60 and older and looking for life insurance, you just might find that there are new ways that you can get the quality coverage that you deserve.
Life insurance companies have now come up with more coverage options not only for seniors, but for those who are reaching retirement age as well. With more alternatives to choose from, consumers are left with the added peace of mind that they will have the coverage that they need in the event of their passing so that their loved ones will not be burdened with added stress.
Funeral expenses are well known for being into the thousands and can be quite a blow to families. Not only will there be the funeral to pay for, but there are also a number of other situations where medical bills will need to be paid or there could be other expenses that are related to the death of a loved one. In addition to that, there is also the coverage for lifestyle maintenance whenever there is a spouse that is left behind after their partner’s passing.
All in all, you are going to find that working with a reputable life insurance company and agent will allow you to pick out the perfect life insurance for 62 year olds and above.
Can You Get Life Insurance As A Diabetic?
Diabetes can be a seriously debilitating condition that poses serious health risks to those affected. However, diabetes symptoms are manageable with the proper education, and people with diabetes can live long lives. Dietary changes must be made, and many people are put on various medications and structured treatment plans in order to help them manage their blood sugar levels.
Since diabetes is a manageable condition, there are many insurance companies out there who recognize this fact. That being said, they extend an offering of life insurance to many diabetes sufferers, so don’t get discouraged that there isn’t a policy out there for you because there is for sure.
For sure you might not get the best advertised rates for life insurance, but many people do not get these rates. Still, there is an affordable policy waiting for you with the right company. Customers will health issues or health risks do pay more, but they do not have to forgo having life insurance if they are willing to work around this.
Getting Better Rates on Life Insurance with Type 1 Diabetes
How you manage your condition and how your health is otherwise has much to do with the amount you will be paying for your policy. There could be other factors in your life that help bring your rate back down some. The best thing to do is go to DiabetesLifeSolutions.com and get a good quote based on your situation and condition. Be honest with them about everything so that you get all of your questions answered and get the right coverage.
It might take you a little shopping around, but that’s how you find the right policy anyway right? If you have an idea about a company that might work with you, start there first. Talk to other diabetics to see if they have secured a life insurance policy with a company. Either way, your life insurance policy as a diabetic is just one quote away.
Shopping For Life Insurance When You Are Over 70
You are no doubt aware of the importance of having life insurance, but you may not realize that it is important to be covered, no matter how old you may be. Even if you are over 70, you still need to have life insurance. As you can see, although many people do not realize it, there are life insurance options available past age 70. Your goals for your policy may change as you age, but having enough coverage is a good idea at any age.
For example, as a young person starting out in life, having life insurance is important when you are buying your first home and starting a family. You need to have a good life insurance policy that will make sure that your children will be taken care of and your mortgage can be paid off. These should be your goals when you are first buying life insurance in your 20s or 30s.
By the time you reach 70, on the other hand, your children will have long since grown up and started their own lives. You have probably paid off your mortgage and are starting your retirement. What financial goals should you have that a life insurance policy can help with?
A life insurance policy is always designed to make sure that your loved ones do not suffer financially after your passing. Funeral expenses can be quite significant, and the last thing that you want is for your family to be burdened with large bills when they are trying to deal with their grief at your loss. A good policy can also help to cushion the blow for your spouse should your pension be lost after your death.
By talking to a financial adviser on a regular basis, you can make sure that you always have the right kind of coverage. Schedule regular appointments to discuss your financial situation at any age.
Start Saving For Retirement Now, Not Later
Most people in the workforce look forward to retirement so that they can finally sit back, relax, and enjoy the fruits of their years of labor. But in reality, even if all the kids are all grown and there is no need to spend on education, mortgage, and car payments, these are replaced by growing medical expenses and everyday living expenses that cannot be covered by your pension alone.
Putting away a small amount today can help you continue enjoying the financial independence that you do now. Saving for your retirement will be the best investment that you can make today so that you can avoid being a financial burden to your children or other family members in the future. The future is very uncertain, but if you do plan to save for any unplanned circumstances during your retirement then rest assured, you can enjoy the rest of your old age.
Here are some of the things that you can do to ensure your financial independence during your retirement years:
Maximizing your employer’s benefits
Most companies offer retirement plans and pension plans for their employees. Plan for your retirement by understanding the terms of these benefits, how it works, and what your benefit is worth. If offered as an option, contribute more to your retirement plan in order to increase the amount that you save each month. Surprisingly, you will not feel this dent on your budget every month but you will be amazed at how much you have compounded during the years that you have worked. When you plan to change jobs make sure that you find out what will happen to these benefits and if you are still entitled to receive them.
Save and Invest
If you are not in the habit of saving money in the bank yet, then it’s never too late to start. Put away a fixed portion of your salary before all the expenses are paid for every month into a savings account. Make saving your priority and over time try to increase the amount that you save every month. The sooner you start saving, the more you will money will grow and you can reap the benefits when you retire.
You can also put in your money into an Individual Retirement Account which can be set up to deduct a specified amount from your bank account every month. Putting up this type of account ensures that you are able to save money solely for the purpose of your retirement.
You may also want to consider investing your money in stocks and bonds if you are familiar with how it works. Before putting in your money on an investment make sure that you fully understand the risk that you are taking as the payoff is very rewarding with higher risks, but you also stand to lose more.
Invest in life insurance with retirement benefits
Insurance companies offer a life insurance plan that is coupled with retirement benefits. The basic component of the plan is the life insurance that is designed to provide your family with a specific amount of money when you die. The retirement benefit feature that is added to this policy allows you to receive monthly income during your retirement years. This type of insurance policy also accumulates dividends that can be withdrawn or loaned, and can also be added to the final payout for your family in the event of your death.