It is important to review your older relatives' insurance coverage from time to time.
Perhaps, every couple of years or at least every 4 years, as things change in their lives.
Many seniors do not realize it but they are paying for insurance that they cannot use, will never use, or simply don't need.
Over coverage is an issue, over a ten year period with the same insurance policies there are bound to be several problems with over coverage, even if during your reviews you are looking for under coverage or excessive risks where insurance is not in place.
Many times a senior will have sold items or bought other items, which may or may not be covered.
Another common problem for a senior with significant assets is not to have an overlay umbrella policy of protection, as it does not cost much more but alleviates a lot of additional risk.
Often, it is cheaper to modify existing policies, attach riders or delete certain provisions rather than starting a new policy, the savings can be significant.
When reviewing an insurance portfolio for a senior in your family that cannot figure it all out, you must not only review long-term care insurance, but also all the insurances that go along with it.
Catastrophic health insurance being perhaps the most important, but also home owner's insurance for fire, flood, theft or complete loss, as well as taking a look at the valuable they own.
Another huge issue often overlooked is the auto coverage, as seniors are more likely to be in an at fault accident or become injured.
Life insurance is also wise, as it can often be set up to cover costs such as inheritance tax, probate, mortgages, and/or funeral costs.
Of course, you need to make sure that any insurance company that provides such coverages whether it be long-term care, auto, life or home is an "A-rated" preferred company, because if something does happen you need to know they will pay the claim.
Please consider all this.
Perhaps, every couple of years or at least every 4 years, as things change in their lives.
Many seniors do not realize it but they are paying for insurance that they cannot use, will never use, or simply don't need.
Over coverage is an issue, over a ten year period with the same insurance policies there are bound to be several problems with over coverage, even if during your reviews you are looking for under coverage or excessive risks where insurance is not in place.
Many times a senior will have sold items or bought other items, which may or may not be covered.
Another common problem for a senior with significant assets is not to have an overlay umbrella policy of protection, as it does not cost much more but alleviates a lot of additional risk.
Often, it is cheaper to modify existing policies, attach riders or delete certain provisions rather than starting a new policy, the savings can be significant.
When reviewing an insurance portfolio for a senior in your family that cannot figure it all out, you must not only review long-term care insurance, but also all the insurances that go along with it.
Catastrophic health insurance being perhaps the most important, but also home owner's insurance for fire, flood, theft or complete loss, as well as taking a look at the valuable they own.
Another huge issue often overlooked is the auto coverage, as seniors are more likely to be in an at fault accident or become injured.
Life insurance is also wise, as it can often be set up to cover costs such as inheritance tax, probate, mortgages, and/or funeral costs.
Of course, you need to make sure that any insurance company that provides such coverages whether it be long-term care, auto, life or home is an "A-rated" preferred company, because if something does happen you need to know they will pay the claim.
Please consider all this.
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