$1* Buys $100,000
Globe Life Insurance
Free Quote—Apply in Minutes
Fast Approval Process
$2.17 for Children or Grandchildren
6 Ways For Seniors To Budget For Life Insurance
6 Ways For Seniors To Budget For Life Insurance
Most people hope to have some sort of retirement savings in place as they age out of employment. The reality, though, is few retirees have the savings they need to not only maintain their pre-retirement lifestyle but also stay protected in the event of a spouse’s untimely death.
Unfortunately, while life insurance can be the safety net needed to protect loved ones, it’s usually not high on the list of financial priorities. Car insurance? Absolutely. Health insurance? Of course. Life insurance? Maybe one day.
According to a 2018 LIMRA research study1, there is a substantial difference in the actual cost of life insurance and consumers’ perceptions of those expenses. In fact, 44% of millennials surveyed believed the costs to be 5 times higher than they actually are.
So how can retired seniors living on a limited income ensure that adding this safety net of life insurance won’t hurt their already restrained household finances? Here are some ideas:
- Set a budget. Creating and sticking to a budget can be a challenge, but the financial rewards are immense. Include recurring expenses. Also add in emergency funds for car repairs and medical to prepare for the unexpected.
- Eat at home. The expense of dining out can add up quickly, especially with multiple courses and tips included.
- Buy generic. Many stores offer “store brand” or “generic” products that are virtually the same as the name brand goods, and substantially cheaper.
- Cut the cord. Opting for a streaming service such as Netflix or Hulu (or both) is much more cost effective than paying for cable.
- Home brew. Skipping the daily (or multiple times daily) coffee run can save $5+ per day. That’s over $150 a month!
- Lifestyle changes. Exercising, eating healthier and quitting smoking are all ways to not only extend one’s life, but also potentially lower insurance premiums.
Ultimately, creating a budget and making some small changes can open up existing monetary sources that were previously undiscovered. In turn, the ability to purchase life insurance becomes less daunting. Current living standards can be maintained, allowing for future preparation and providing more protection for loved ones.
The Institute On Aging2 has some excellent tips for adults wanting to help their aging parents with creating a budget.
1LIMRA. (2018, April 9). 2018 Insurance Barometer. Retrieved from: http://www.limra.com/research/abstracts_public/2018/2018_insurance_barometer.aspx
2Institute On Aging. (2014, December 3). Budgeting For Seniors: Read This Before Trying To Help Your Loved One With Their Finances. Retrieved from: https://blog.ioaging.org/caregiving/budgeting-for-seniors-read-trying-help-loved-one-finances/
You might also be interested in...
- 4 Important Safety Measures For Seniors
- 5 Scams Seniors Should Watch Out For
- 5 Telltale Signs It’s Time To Stop Driving
- 6 Sports Seniors Can Enjoy
- 7 Ways To Feel Younger
- Aging In America
- The Best Low Maintenance Pets For Seniors
- Budget-Friendly Vacations with Perks for Seniors
- Can Eating Cherries Alleviate Arthritis?
- How To Choose A Medicare Supplement Plan
- Could You Live On Social Security?
- Does Your Elderly Loved One Need More Care than You Can Give
- Is Your Elderly Parent Feeling Lonely
- Five Health Tips for Men over 50
- Five Health Tips for Women over 50
- Five Tips for Helping Seniors Stay Active
- Helpful Tips for Adjusting to an Empty Nest
- Home Safety Checklist for Single Seniors
- Home Safety Tips for Seniors Living Alone
- How Seniors Can Improve Their Posture
- How Seniors Should Stock Their Kitchen
- How to Be a Good Husband in Retirement
- How to Change Your Life in 10 Days
- How to Do Container Gardening for Seniors
- How to Find Happiness in Your Senior Years
- How to Grow Easy Houseplants for Seniors
- How To Help Your Senior Parent Stay Mentally Healthy and Happy
- How to Simplify Housekeeping for Seniors
- How to Stay Looking Sharp for Senior Men
- The Importance Of Keeping Seniors Hydrated
- Is Chiropractic Care Safe For Seniors?
- Is Long-Term Care Insurance Necessary
- Patio Gardening For Seniors
- Preparing For Retirement
- Pros and Cons of Living in a Retirement Community
- How To Protect Seniors Against Identity Theft
- Senior Life Insurance Pays for Funeral Costs
- Senior Summer Safety
- How Seniors Benefit From Adopting Senior Pets
- How Seniors Can Decorate With Unique Framed Art
- Seniors & The Social Life
- Seven Power Foods for Seniors
- Tips for Seniors: How to Upgrade Your Bed for a Better Night's Sleep
- Tips For Seniors On Improving Your Immune System
- Tips for Seniors on How to Stock a Gift Drawer
- Top Travel Safety Tips for Seniors
- Understanding Medicare Part D Plans
- Reasons Why An Elderly Loved One May Not Be Eating
- Why Seniors Need The Flu And Pneumonia Vaccines
- You Won't Believe How Easily You Can Stall Aging
- How To Choose Low Income Housing For Seniors
- 8 Unique Gifts For Seniors
- Activities For Senior Citizens
- 7 Winter Safety Tips For Seniors
- 5 Questions To Ask When Considering A Continuing Care Retirement Community
- How Long Should You Wait To Claim Social Security
- Signs And Symptoms Of A UTI In Seniors
- How To Deal With The Emotions Of Retirement
- How To Help Seniors Fight Depression
- How Seniors Can Save More Money
- What Services To Expect From Assisted Living Centers
- How To Live A Long Life
- Top 3 Dental Risks For Seniors
- Choosing The Right Assisted Living Facility
- Different Ways To Ease Knee Pain
- Why Assisted Living Centers Allow Pets
- 4 Surprising Health Hazards You May Have In Your Home
- 5 Mental Exercises To Increase Happiness
- Why Seniors And Caregivers Need To Laugh More
- How To Reverse The Effects Of Arthritis
- 6 Exercises That Won’t Hurt Your Joints
- Driving Safety Tips For Seniors
- 4 Natural Ways To Combat Feeling Dizzy
- Senior Life Insurance is a Worthwhile Investment
- Tax Breaks Every Senior Should Know
- How To Make Money During Retirement
- 5 Phone Scams Targeting Seniors Now
- How Technology Can Keep Seniors Safe
- How To Not Go Wrong When Choosing A Nursing Home
- Disaster Checklist For Seniors
- How Visiting Seniors Often Can Keep Them Healthier
- How To Make A Senior’s Day
- Internet Safety Tips Every Senior Should Know
- 5 Ways To Strengthen Aging Bones And Muscles
- How Senior Yoga Can Be A Lifesaver
- Live Longer By Volunteering
- Managing Pain For Seniors
- 6 Everyday Ways For Seniors To Stay Active
- Bad Habits That Make You Age Faster
- Fall Prevention For Seniors
- 6 Ways For Seniors To Budget For Life Insurance
- Summertime Resources For Seniors & Caregivers
- 5 Simple Ways Seniors Can Get Free Help
- Navigating Ride Programs for Seniors
- What’s Preventing You from Receiving Medicare Supplemental Insurance?
- Can You Outlive Your Life Insurance?
- Medicare Part B Plus Medigap vs a Medicare Advantage Plan: Which is better?
- 3 Things to Know about Senior Life Insurance
- Do Medicare Supplement Plans Cover Pre-existing Conditions
- What is Final Expense Insurance and Who Should Buy It?
- Does Medicare Pay for Prescriptions?