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How to Make Life Insurance Affordable as a Senior Citizen

Adjusting or applying for one’s life insurance after the age of retirement can seem like an unlikely task, especially as taxes increase with age and the government demands privatized health insurance of its seniors. Just about anyone can plan for a comfy retirement with resources available such as this nifty Superannuation Calculator here, but no matter how financially prepared a senior may be, handling insurance can be daunting. As with any form of insurance, the best mentality is preparedness and forethought. But despite how financially burdensome many forms of insurance can be for senior citizens, attaining life coverage in one’s golden years is not only possible – it can be affordable.

Determine the kind of coverage you’ll need

There are various types of policies to keep in mind, and some of these aren’t as beneficial to retirees as they are made out to be. Many policies have a fairly affordable price and a “guaranteed” payout, but with many stipulations that exclude them ever having to reimburse you. A provider with these kinds of exclusions should be the last option you’d consider.

Permanent life insurance is often far too expensive to invest in at the age of retirement. This is not to be confused with whole life insurance, which is a possible option for healthy retirees, but accrues very little value. Group policies can be convenient, but are often littered with fine print to exclude paying out to applicants who are elderly or sickly. Some of the best options are in products specifically designed to address the needs of seniors, and these should be sought first. They are typically low in price and offer guaranteed results.

More quotes for more opportunities

Generally speaking, “insurance” and “free” are two words that are rarely ever used in the same sentence.  This is one of those instances: If you’re searching for affordable life coverage, it’s crucial to get quotes from various insurance providers, because they’re free.

Every provider measures their price differently and you’ll be cheating yourself if you settle with the first appealing quote. It can be tempting to seek insurance by a family member or friend who might deal with life insurance, but remember that insurance firms determine cost according to the likelihood of having to cash out – not how much they trust or like someone.

Know your discounts

Depending on your provider and your circumstances, you can deduct a huge portion of how much you owe to your provider. Show your provider evidence that you care for your well-being and proactively seek discounts. Gym membership? Good driving record? Air bags in your car? Belong to any particular organizations with benefits? Many organizations offer discounts for life insurance. Check any organizations you belong to for such discounts, and seek out those organizations that publicly offer them. If you’re still working, ask your employer if there is a group plan through which you can gain some coverage.

Kick the habit

While elderliness can raise the price of life insurance, it’s far worse to be a chain-smoking daredevil. To make your life insurance feasibly priced, live a healthy lifestyle and prove that you’re taking the measures to live well. Check out the National Institute of Health for a whole library of healthy living habits for seniors. And don’t dare consider dishonesty when you apply for life insurance; that could result in a breach of your life insurance contract, through which the company may choose to raise your price or terminate your coverage (and deny benefits altogether.)

While insurance costs can be unfairly high for senior citizens, elderly life insurance seekers have the power to reduce how much they need to pay through healthy living practices and a keen eye for value.

About the author

Morgan Darrow is a real estate agent of more than a decade who enjoys writing financial and life planning advice. When not writing, she enjoys spending time with her fiancé, watching after her nieces, and attending theater. Follow her on Twitter @MVDarrow.

10 Money Saving Tips for Busy Drivers

Petrol prices are expected to rise as the result of an improving global economy. Families continue to look for new and creative ways to save money to maintain budgets and lifestyles despite these rising petrol prices. Vehicle transportation is expensive, especially when you calculate the cost of registration, insurance, parking fees, tolls, and repair and maintenance services; plus the occasional parking or speeding fine. If you’re a busy driver, keep in mind the following tips to keep transportation costs low:

It is worth taking the time to annually compare your car insurance rates and features to competitors. Does your insurance include towing, technical advice, battery, roadside repairs or tyre change assistance services?

Tyres aren’t cheap, and therefore ongoing tyre maintenance is in the best interest for your car and wallet. Double check the correct tyre pressure in your owner’s manual and aim to check your air pressure weekly. Also, have your tyres rotated to prevent uneven wear and tear.

As the old Castrol television advertisement says, “Oils ain’t Oils” and they are right. Refer to your car’s owner’s manual to know the recommended oil for your car’s particular make and model. The price of motor oils vary dramatically, including oils from the supermarket, garages and motor accessory centres. In the case of 15V40, the first number is the thickness or viscosity of oil when you start the engine. The second number is the temperature that the oil will freeze at. For newer cars, multi-grade motor oils are good choices.

Do you need the ultra-grade petrol or will regular be sufficient? Research additives available for your car. Additives can enhance your car, but are they necessary?

Driving at or below the speed limit as well as avoiding sudden braking and accelerating will reduce excessive wear and tear on your car. When you speed and brake quickly, more pressure is put on your brakes, which breaks them down.

Avoid paying your motor vehicle registration late. Many Australians think they can wait longer to pair their registration because of the delayed green slip insurance renewal date. Also, remember that high fines apply for driving unregistered vehicles. For example, a payment that’s three days late can incur a $595 fine. In some cases, you may even lose your driving license.

When planning trips of more than 200 km, pack your own snacks, bottled water and fruit. Packing food and drink can not only cure hunger paints, but keep kids satisfied and entertained.

Develop a relationship with a reliable, highly qualified mechanic. Let them know that you will be a regular customer who trusts their expertise.

Rearranging working hours to drive during off-peak times of day is a budget-friendly option. Your commute will take less time and use less petrol.

Carpool or designate a driving-free day at least once a week. Not only can you save money, you can be more eco-friendly.

The last thing you want is for your car to breakdown without any reliable roadside assistance so make sure that you find out if this is included in your cover or not. You may be able to add it into your policy, but having the piece of mind that you’ll have someone coming to help you can help you relax out on the road and if anything goes wrong.

Future Of Car Insurance

What can we expect from the future of car insurance? There are already some significant changes taking in place in the world of insurance, most notably through telematics technology that can record the individual performance of drivers and feed it back to providers, enabling more accurate quotes. Telematics, and the prospect of driverless or automated cars, can be viewed as generating future challenges for insurers in terms of liability and premiums.

Advancing Current Technologies

One of the most significant changes to car insurance in the past years has been the uptake of telematics insurance; this involves a black box-like device being fitted to a car, which then records driving habits and uploads information to an insurer. The device records everything from average speeds to routes taken, and can be used by drivers to demonstrate that they are responsible on the road; this can be particularly effective for young drivers that have are often penalised for being in a high risk insurance group.

Telematics is just one, though, of many in-car technological changes that are promising to make insurance premiums more accurate. With other on board technologies including lane departure assists and automatic stop start ignition, as well as mileage checks, and low CO2 emission engines, cars are becoming safer than ever; this creates the potential effect of reducing insurance payouts and the rate by premiums they can be charged.

Other factors that could complicate the future of car insurance include the use of crowd sourcing data with telematics and other tracking devices, whereby the more accurate information there is on different models and routes, the more chance there’ll be that an insurance company can offer tailored insurance. Being able to specify insurance policies to individual drivers is already a common approach for insurers like direct asia, but could become much more sophisticated in the future.

Driverless Cars and the Future of Insurance

Insurance companies consequently face a future where it’ll be more difficult to collect high premiums if a car is proven to be at a low risk for accidents; this is particularly the case for driverless, or automated cars. Already a reality, driverless cars will eventually overcome regulatory and cost hurdles to be a common sight on the road. However, insurance companies and drivers will have to adjust to new liability cases, whereby accidents and blame can’t be pinned to driver negligence.

There’s a possibility that driverless cars, when fully rolled out, will eradicate accidents altogether, or reduce them to such a level that it’ll be hard to pool together enough insurance payments to create a working float for premiums. Manufacturers may also have to become liable for paying out on insurance claims if cars no longer technically have a ‘driver’, resulting in larger one off premiums. Adapting to a new type of car and driver definition will therefore be a major challenge for insurance companies.

Author Bio

Rosette has been writing about insurance and the car industry for several years. She particularly recommends checking out www.directasia.com and their tailored insurance policies available. Rose is always on the look out for a better deal on her car insurance.