While the economic and stock market uncertainty of March and April may have waned in the opening weeks of May, the impacts of that volatility are still being accounted for. And even for those who have since seen their retirement savings and investments bounce back, the recent market swings may have left them considering their long-term financial safety nets. This consideration is especially important for seniors and older adults. With limited income and a budget largely comprised of Social Security and retirement savings, there's often very little flexibility for financial changes or additional expenses.

Understanding this dynamic, on the surface, it may seem unusual to consider adding another bill into the mix. But there are some insurance policies that seniors, especially, may find worthwhile right now. And, if they act this spring, they could potentially secure more coverage at a lower premium than if they had waited until the summer or until their next birthday arrived. But which insurance policies, specifically, should seniors be considering this spring? Below, we'll break down three to think about now.

.

3 insurance policies seniors should consider this spring

Here are three insurance policies seniors should consider this spring, either individually or in conjunction with each other, to establish broader financial protection:

Medicare supplemental insurance

Medicare supplemental insurance, also known as Medigap, helps fill in the holes in your insurance left over by regular Medicare. If you continually find yourself with bills for co-pays or deductibles that your traditional Medicare insurance didn't cover, then a supplemental plan could be worthwhile for you. Just be sure that the cost of coverage is lower than what you're currently paying in out-of-pocket costs. That said, while a Medicare supplemental insurance price may not be clearly valuable right now, it likely will be over time as physician visits increase in frequency and the lack of comprehensive Medicare coverage becomes more pronounced.

.

Long-term care insurance

Long-term care insurance can cover the costs associated with nursing homes and assisted living facilities, offering a vital form of financial protection for your golden years. But it doesn't just stop there. It can also help cover the costs of in-home caretakers for those seniors who prefer to age at home. And, in some circumstances and with some providers, it may even reimburse family members and friends who are already providing these services free of charge. 

That said, like the other insurance options on this list, long-term care insurance is generally more robust in terms of coverage and less expensive the sooner you apply. So if you know you'll need this type of insurance in the future, even if not exactly this spring, it may make sense to start researching your options now.

.

Whole life insurance

There are two primary insurance types: term, which exists for a certain time only and has no cash value, and whole, which will last for the rest of your life and will come with a cash component that you can borrow from while still alive. Whole life insurance, largely because of the cash component, is typically more expensive. But if you're healthy, relatively young and have the budget to afford slightly higher premiums, this could be a valuable insurance type to pursue. 

Not only will it give you an account to borrow from while alive, but it will also leave your beneficiaries with a healthy amount of money to utilize after your death (as opposed to the other insurance types on this list, which typically end after the insured has died). That said, it will take time to build up your cash component, so it makes sense to speak with a whole life insurance agent who can answer your questions to better determine if this insurance type is the right fit for your needs and goals.

.

The bottom line

Whether you're looking to cover costs that your Medicare plan left you burdened with, need financial help for long-term care or simply want to build up a cash reserve that you can potentially use now (and leave to your loved ones in the future), there's likely an insurance policy that makes sense for you this spring. But remember that prices here vary and all three will increase for applicants the later they apply in life. So if you want (and need) the financial protection each offers, it's generally smart to start researching your options and start compiling policy quotes sooner rather than later.