Finding the Best Car Insurance Rates for Seniors

The baby boom generations is growing older, and with that comes more senior citizens on the road. Luckily, people in their 50’s and 60’s pay less fir car insurance than any other age group. After 75, however, insurance rates increase sharply, this is because the elderly get into nearly the same amount of accidents as teenagers, and the rates reflect this fact.

personalized-coverage-insurance2What to Look for in an Insurance Company

In the end the best insurance company for you is going to be one that meets your individual needs. Older drivers generally prefer companies with great customer service and are willing to pay a little more for it. As senior you may prefer to purchase a policy through an agency so that you always have a contact that can answer your questions. Here are a few considerations that you may want to take as a senior citizen looking for car insurance:

  • Would you rather handle your insurance policy through an agency or would you like to manage it online?
  • You should find an insurance company that will reward your good driving history.
  • You may want to consider getting multiple policies from teh same insurer.
  • Choose good medical coverage.
  • Look up pricing for usage based insurance if you are retired and as a result are driving much less.

When choosing an insurance company it’s important to find one that will suit your needs. By doing some research you can find affordable insurance, reflective of your lifestyle, while still maintaining your needs.

Insurance and Annuities: What’s the Difference?

Financial planning for your future can be difficult, especially when saving and enjoying your retirement. Majority of people also have families to take into consideration, you want to be sure that your family is well taken care of and will not be left with any of your financial burdens in the event of your death. There are two financial planning resources that you can take a look at: life insurance and annuities. These are both important options to consider when planning your finances.

Silver CascadeLife Insurance
The basic idea behind life insurance is that by having it your family will not be burdened by financial problems upon the death of a loved one. When you take out a life insurance policy, you are making a contract with your insurance company for a set amount of money to be provided to your beneficiary in the event of your death. You pay a premium to cover your policy, which has been chosen by you.The two main types of life insurance policies are a protection policy and an investment policy. A protection policy provides benefits in the case of death, often ad a lump sum. Protection policies are considered term policies; they do not accumulate value. An investment policy grows in value, it is often referred to as permanent life insurance. An investment policy stays active until it matures, it grows in value over time. This reduces the risk to the insurer and gives the policy holder the chance to access the funds.

Annuities

An annuity is an insurance product that is more commonly used by people who want to ensure that they will have a continuous income after retirement. Like life insurance, the policy holder will make payments towards an annuity but they also get the opportunity to decide for how long they will get the payments back. Contracts for annuities are usually provided by insurance companies. Like a savings account, an annuity will collect interest, but federal income taxes are deferred during the accumulation phase and will be due when you start collecting payments.

There are two types of annuities, a deferred annuity and an immediate annuity. A deferred annuity has a later payout date, like retirement for example. An immediate annuity begins paying you soon after you start investing. Both types of annuities can be fixed or variable, some will even allow you to name a beneficiary who can continue to receive payments after death.