Insurance for Retirement

Talk to us!

Every phase of the adult life cycle, and there is such a thing, is accompanied by changes in insurance needs. Retirement is no different. The most obvious potential change in insurance needs is healthcare. It's often the factor that determines when we retire (translated: when do I qualify for Medicare?) and too often it's the only time we think about changing insurance needs. Let's examine a few others.

Car insurance in retirement:

For many of us, this is the most expensive insurance policy we carry. The good news is that it is likely to get less expensive as you near or enter retirement. Mature drivers are safer drivers and this is reflected in insurance rates. The flip side of that is that we are less likely to have young drivers in the household, something that can drive up insurance rates. You likely are no longer commuting to work and probably driver fewer miles overall, other factors that will drop insurance premiums.

Homeowner, condo and renters insurance:

We often take advantage of the retirement milestone to shed the burden of maintaining a larger home and downsize to a condominium, townhouse or maybe a rental. Because you are generally not insuring an entire house (structure) insurance for these types of homes is often less expensive. There are differences in the insurance policy designed to cover each type of residence and the location, if you are planning on taking advantage of getting a little closer to nature, can be a factor in insurance availability and cost. Before you downsize it's worth taking a few minutes to explore insurance implications with someone at our agency.

The golden years and the toys:

With retirement comes to freedom to travel and indulge yourself in that boat, RV or vacation getaway you've only dreamed about until now. There is insurance available to protect almost everything, including that epic trip.

Life, disability and other insurance:

When you were working your employer may have provided some life insurance coverage which is probably gone now. The need for insurance to cover your bills and obligations usually diminishes with retirement but it doesn't go away altogether. Here are a few questions you should consider?

• Do you still earn some outside income?
• Can life insurance play a role in your estate planning?
• Could your spouse or surviving children get by if you weren't able to provide for them?
• Do you owe on a car loan, mortgage or other debt?

The answers to each provide some clues as to whether to carry life insurance, and if so, how much.

Put it all together:

Retirement is a great time to step back and look at all your insurance needs in total to make sure you aren't paying for coverage you don't need, missing discounts you qualify for, or worse, are missing some important insurance protection. We can help with that, and when you are ready to execute changes to your insurance portfolio, we have the convenience and options that representing multiple top-rated insurance companies to make updates easy for you.