Adjusting Insurance to Suit Your Age

insurance documentAs you age, your body changes and so do your health requirements. In order to ensure that you continue to be able to afford effective medical treatment and the care that you might need, it is important that you keep your insurance and medical aid schemes up to date and tailored to your current needs. If you do find later that you have limited funding for your health needs and you own your home there is an option in the impaired life equity release plan.

Visit Your Insurance Agent
In order to ensure that your cover fits the state of your health, you will need to make sure that landmark periods, such as the time at which you decide to retire, are accompanied by visits to your insurance consultant. This kind of expert will be able to point you in the direction of the right policy for your needs.

This process may also require that you pay a visit to your doctor for a medical examination. This is a standard requirement for a variety of financial schemes, whether you are interested in insurance or in an impaired life equity release plan from the likes of Aviva. The doctor will either give you the results of your check up, or he or she will send them directly to your insurer.

From here, you will able to sign up for a policy which safeguards against the risks specific to you. You may find that your monthly premiums increase; this is in order to account for the potential of illness or injury.

Because medical treatment is so expensive, it is important that as you age, you keep your health insurance up to date. This will help to ensure that you always have access to the treatment you need.

Financial Products for Health Reasons
There may come a time when you need specialists that the NHS is not able to provide. You may need treatments that are not a part of NHS services too. Whatever the case may be that you have health insurance, life insurance, and health needs you may also need to look towards financial products that can help you.

Equity release for retirees are usually called lifetime mortgages and home reversion schemes. Home reversion is where you sell a portion of your home in return for tax free cash to use now. You do not owe anything at the end of your life or when you decide to sell the rest. Instead, you have money to live on at the end or you can leave it as an inheritance. No matter the case you obtain funds to live on and you get to remain in your house until you decide to leave, rent free. In fact you have a lifetime tenancy agreement. You simply need to be 65 years of age.

Lifetime mortgages are different in that you take out a loan. This loan has interest, but you still live in your home until death or a move to a retirement community. The house is then sold to repay the interest and loan. You can be as young as 55 to obtain one of these loan options.

Impaired life or enhanced lifetime mortgages apply to the health discussion the most. This type of lifetime mortgage is specific to an illness that may threaten the longevity of your life. You can use the funds to have a comfortable life, but you also get a larger lump sum than the regular lump sum mortgage. The premise is you will pay it back a lot sooner given your health issues.

It might seem cold to say it this way, but the simple truth is you have options that can help pay for things later in life.

Insurance versus Lifetime Mortgages
Obviously anything that is not covered under NHS is going to require insurance and an independent facility. It is a good idea to have health insurance for these purposes, but ask yourself- how will you pay for it? The answer can be lifetime mortgages. You can use the money from your equity release to pay for any monthly expenses like insurance. This would also keep those pesky health bills down. If you also pay for life insurance then you have a potential product besides the house that can pay off the equity release mortgage. There are many benefits to considering these products together. Even if you are not to retirement age yet, these concepts should be considered as a way to plan for your future. So whether it is the impaired life equity release plan or insurance you have potential help available.

Tags: , , , , , ,