Preparing for a relaxing retirement
Earned after dedicated years of hard work, retirement should be a time of relaxation and enjoyment. Unfortunately, no matter how much you may save, financial stress can become a burden for Australians facing retirement. Currently, approximately 17% of the Australian population is over 60 years old, with the average life span falling around 80 years. By the year 2046, that life span is expected to increase, and the number of seniors will grow to represent a quarter of the population. Making every earned penny count will be just as important then as it is now. You may not be aware of it, but many insurance companies provide home and contents policy discounts along with other benefits to residents over the age of 50 or 55. While this is not true of all insurance companies, taking the time to find a policy that can save you money is well worth the effort.
Insurance discounts for residents over 55
Home and contents insurance is a valuable investment that will protect you from serious financial loss should anything happen to your home. This is especially true for older Australians who are either retired, or thinking of retiring within the next decade. Protecting the assets that they have worked so diligently to acquire is a top priority for many seniors. While retirement financial planning should account for insurance expenses, it's good to know that insurance companies are willing to provide special policies as well. Some discounts you might find for residents over 55 include:
- Premium discounts from 5% - 10% on your home and contents insurance rates
- Additional discounts for combining your building and content insurance policies
- Discounts for long term or continual insurance coverage through a single insurance company
- Discounts for holding multiple insurance policies (auto, home, life, etc.)
Other potential benefits to senior insurance policies
Along with the premium discounts offered in special over-55 insurance policies, many insurance companies provide other benefits as well. Understanding that older residents have to watch their finances carefully, some insurance companies will offer either no, or minimal, excess to be paid in the event a claim is filed. Purchasing an age specific policy might also provide you with other product discounts, such as a discount on a home security system, to further protect your assets. If you plan to spend your retirement travelling, check with your insurance agent to see if they have an over-55 policy that includes a discount on travel insurance. With home security and travel insurance in place, you can leave your worries behind and enjoy your retirement to its fullest. Other benefits that may be included with over-55 home and contents insurance policies include health assistance and legal related services and training programs.
As a homeowner, it stands to reason that you will have home and contents insurance to protect everything that you have worked so hard to acquire. Purchasing a home and contents insurance policy that is specifically geared to older Australians will give you the coverage you need, along with special benefits and the opportunity to save money that can be spent on more pleasurable pursuits.