Posted on: Tuesday, June 28th, 2011

During these tough economic times, senior citizens have been hit hard.  Many have dropped their life insurance policies to make ends meet and still struggle to pay monthly bills.  The good news is that many of the struggling seniors are back on their feet and getting their finances back in order.  Many probably regret dropping their policy and are back in the market for term life insurance quotes.

There are actually more life insurance options for seniors than one might think, and policies offer more than ever before.  They can choose from term or whole life insurance, with or without a physical, and even options such as long term health care insurance.  But of course, where the savings really come in is with retirement preparation.  According to a recent study conducted by Sun Life Financial, about 2/3 of Americans do not feel financially ready to handle the increasing costs of healthcare in retirement.  About 16% of respondents said they feel ready to tackle the financial demands of the retirement years.

When you combine inflation, more health care bills, less income and a desire to maintain a certain lifestyle, you inevitably come up with a serious financial situation.  Americans are being encouraged not to rely too heavily on Social Security income or Medicare.  It’s unknown what the future is for these institutions designed to assist seniors.  Through aggressive saving and smart financial decisions earlier in life, you set yourself up a better chance of being financially sound later in life.  This includes a quality life insurance policy that will protect you and your family.  It should be worked into your budget and if you can get benefits included that work for you while you are still living you will be even better off.

More Americans approaching retirement need to sit down with financial experts to go over all of their financial obligations and potential income options.  Save money by shopping around for products including health care, auto insurance, and of course life insurance.  It will pay off in the long run and being prepared for retirement will allow you to enjoy it that much more.

By Joanna Cliff

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