Surprising insurance policies seniors can benefit from having

Everyone's personal financial situation is different. What's beneficial for one person may not be as helpful for another and vice versa. While some people may enjoy the security a particular insurance policy provides, for example, others may find it worth skipping.

For seniors, many of whom rely on retirement savings and Social Security benefits, the decision about which insurance to purchase is particularly important. With limited income and stricter options, an insurance policy truly has to be "worth it" to justify the additional bill.

Despite conventional wisdom, there are some surprising insurance policies seniors can benefit from pursuing. And they won't have to break the bank to get it. 

Surprising insurance policies seniors can benefit from

Here are three policies seniors may not have realized they could benefit from having.

Life insurance

The traditional thinking behind life insurance for seniors is that it's not worth it. It generally costs more than it does for younger applicants and the coverage options are not as broad. There are many seniors, however, who could use the help a life insurance policy provides.

Seniors who want to cover end-of-life expenses (and want to avoid shifting them to family members and friends) may want to turn to life insurance instead. Similarly, older adults who want to leave an inheritance for loved ones (but currently don't have any savings or home equity) may find that a life insurance policy adequately meets their goals. And, if neither of those applies, it can still be used to pay off the debt that would otherwise have been left for others to deal with.

For all of these reasons and more seniors should explore the surprising benefits a life insurance policy could provide. Get a free price quote online now to see what you can qualify for.

Pet insurance

Millions of people have pets in their homes. Many of those people, including seniors, have been coping with higher veterinary costs in the past year. Fortunately, there is a growing market of pet insurance providers that can help reduce these expenses and potentially eliminate them in full.

Pet insurance companies can cover your pet for a wide range of illnesses, ailments and accidents. And policies are generally inexpensive (think less than $70 per month, depending on your pet's breed and characteristics). Considering that trips to the vet can cost hundreds, if not thousands of dollars, during the lifetime of the pet, then pet insurance is a valuable alternative.

For seniors on a budget, pet insurance also provides some much-needed predictability. No longer will you have to dread a vet bill or be forced to choose between caring for your pet and paying other bills. Pet insurance providers will reimburse you for a wide range of issues and you'll know in advance what you're covered for and what you're not.

You can get a quote from Spot pet insurance now to determine if it's worth it or use the table below to start reviewing some top pet insurance companies on the market.

Travel insurance

Older Americans who still enjoy traveling should consider the advantages a travel insurance policy can provide for their next trip. You never know what kind of hiccups you'll run into that will have you postponing or potentially canceling your travel plans. Flights, hotels, rental cars and more are expensive and if you wind up unable to fulfill your itinerary you'll find yourself paying for items and services you never even used.

Travel insurance policies can help reduce this threat by covering up to 100% of your trip (depending on the type of plan purchased). And the protection isn't especially expensive (usually 5% to 10% of your total trip costs). This type of insurance will provide peace of mind, too. By knowing that you're covered if you travel or not you can focus on more important things - like your destination.

If this surprising form of insurance sounds beneficial, there are several online marketplaces you can explore online. Just complete your personal and trip information now to see your options.

The bottom line

Everyone should be judicious about what they spend their money on, particularly seniors with limited income opportunities. With that being said, there are appealing insurance policies currently available that can provide cost-effective and valuable protection. This begins with life insurance, protecting both the insured and their relatives. But pet insurance can help too by reducing pricey vet bills. Finally, travel insurance can provide peace of mind (and 100% reimbursement) for any planned trips that had to be rearranged.