3 great insurance policies seniors should know about

With inflation still stubborn (if cooled) and higher interest rates making borrowing substantially more expensive, many Americans find themselves taking a more cautious approach to their finances. This approach can be essential for seniors and older adults, many of whom may rely on a tight budget made up of Social Security and retirement savings. 

And while an extra bill every month doesn't, on the surface, sound like it would be beneficial, there are in fact some financial products and services that can save seniors money now. When compared to the minimal cost of opening a specific insurance policy, for example, seniors may find that they ultimately saved significant sums of money that they otherwise would have been stuck paying in full.

There are multiple insurances that can help seniors now, three of which we will explore below. You can start by getting a free long-term care insurance quote here now to learn more.

3 great insurance policies should know about

Here are three great insurance policies that seniors may want to explore now.

Long-term care insurance

Long-term care insurance can be a great resource for those older adults who need extra help either at home or at a nursing home or assisted living facility. Medicare and traditional health insurance policies typically won't cover the costs of this sort of care, leaving many stuck with substantial out-of-pocket costs. 

While the cost of a long-term care insurance policy varies by age, it can be worth it for many seniors. Considering that many policies will even reimburse current family members or friends who are already acting as your caretakers, many would benefit from a policy.

Compare some long-term care insurance plans and rates here.

Medicare supplemental insurance

Medicare supplemental insurance does exactly what its name implies — it supplements the Medicare policy you may already have. For many, the Original Medicare policy may be enough. But, for others, particularly those who consistently find themselves saddled with leftover bills for deductibles, co-pays and more, an additional insurance plan may be needed. 

Medicare supplemental insurance, also known as Medigap, can easily fill that gap. And, depending on the policy and provider used, it doesn't have to be expensive, either.

Learn more about your Medicare supplemental insurance options here now.

Life insurance

For some seniors, a life insurance policy doesn't seem necessary. And it may not always be. But, for some others, it could be worth securing. Life insurance for seniors doesn't have to be expensive, namely because the amount they can qualify for is smaller than what younger applicants can usually get. But that doesn't make it any less valuable. 

Life insurance for seniors can still serve many functions, such as covering end-of-life expenses, paying off remaining debt (like a mortgage) and even serving as a nest egg for beneficiaries. For all of these purposes and more, life insurance for seniors can be worth applying for.

Start with a free life insurance price estimate here today.

The bottom line

With so many insurance policies on the market, and limited funding to secure all financial protections, seniors should be smart about where they spend their money. But, if the alternative is routine, costly bills — and little financial protection for loved ones after their death — these insurance policies may be beneficial. Long-term care insurance, Medicare supplemental insurance and traditional life insurance all have their pros and cons, but in today's economic climate, they're at least worth exploring for the financial protection and peace of mind they can provide.