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Insurance Tips for Seniors

It can sometimes be difficult to make sense of all of the complexities of the insurance market. Programs like Medicare can be a tremendous help to seniors but these programs can be notoriously complex and difficult to understand.

Likewise, things like life insurance and final expense policies are very particular and should be understood in full before purchasing a policy to ensure that your family is covered after you’re gone. In order to get the most out of your policy, it is important to follow a few simple tips while shopping. These can potentially save you a significant amount of money and stress.

Educate Yourself

Check with your doctor about their networks and opinions on health insurance coverage. Research types of policies by coverage amount, premium costs, and type of coverage. Compare the rates of several different companies as well as what kind of procedures are covered and if you need to use a specific health care provider. Each policy varies slightly from the next and it is imperative to understand your needs and the type of coverage that would best satisfy them.

Learn Your Options

There are several types of insurance policies available to seniors. These are usually called Term-life policies as they only last a set number of years.

The different types of insurance plans available to seniors include but are not limited to:

  • Term life insurance which is active for a set amount of time
    • Term life plans are typically available in 10, 15, 20, and 30 year plans.
  • Universal life insurance
    • This is typically the cheapest and most flexible option
  • Whole life insurance
    • This kind of policy usually accumulates a cash value
    • Final expense insurance is a form of whole life insurance

Don’t Procrastinate

Every day that you wait is another day in which you are not fully covered. Don’t put off purchasing life insurance, purchasing final expense insurance, or enrolling in Medicare. Unforeseen accidents or emergencies can financially devastate families that are unprepared. Give your family and yourself peace of mind to enjoy the time you have together.

Speak with an Experienced Agent

Experienced insurance agents like those at Murray Insurance have a professional working knowledge of the ins and outs of insurance policies. They will be able to help you understand which options are best for you. However, it is imperative that you find an agent that has your best interests at heart. Murray Insurance has been serving the people of Central Florida for nearly 30 years. They treat customers like family and will do what it takes to help you find the perfect policy for you.

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