Retirement insurance comes in four major types. These are health, life, home, and travel. Just as anyone below the age of retirement needs these insurances, retired folks need them too. With social security being what it is, counting on rapidly dwindling benefits can be a disastrous decision.
Retirement health insurance is designed to specifically aid the person of retiring age. Health insurance typically only covers a percentage of your medical costs, and programs like AARP or Medicare are designed to bridge the gaps between costs and available coverage.
Retirement life insurance is more of a restructuring than a bridge. Most people have life insurance long before they retire, but at the age of retirement, insurance needs change. They become more about providing for a surviving spouse, and paying for final expenses, than making sure your children are taken care of.
Home insurance is also something that seems to be more important at this stage of life. Mostly, this is because there is a desire to leave something tangible for the heirs. Besides that, though, if there is a reverse mortgage in place, home retirement insurance may be necessary.
Finally, there is travel insurance. Some retirees find they are happier when traveling. In this case, travel insurance may be just the thing. There are policies that offer flight insurance, luggage insurance, and insurance to cover a rental car.
Places to Obtain Insurances for your Retirement
AIG, Wells Fargo, AARP, and Medicare are the most commonly recognized retirement insurance providers. Medicare, as we well know, is over-used and under-funded. This can create some big problems when it comes time to pay out. AARP is probably the most comprehensive of them all; offering all four kinds of insurance in one place. They also offer specialized insurance in order to bridge the Medicare gap. AIG, though, offers things like flight insurance for as little as ten dollars. It also offers canceled flight insurance.
AIG and AARP are well known for offering discounts to senior citizens. In fact, AARP is an insurance provider that provides only for senior citizens. Sometimes, though, other insurance companies can be persuaded. It all depends upon who you talk to, and how much research has been done before the initial contact.
Though insurance can add a sense of security to any retired person, it is not right for everyone. Prices and services, while certainly comparable, may still be more than your budget will support. When living on a fixed budget, retirement insurance may be a luxury. If the money is there, retirement insurance is an investment for a happy future.
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