Retiring and Health, Life & Homeowners Insurance Text Size:

Throughout your life it is important to occasionally reassess your insurance needs. This is especially crucial when you retire. Due to changes in your needs, daily habits, and income you should take a good look at your health insurance, life insurance and homeowners insurance.

Health Insurance

Health insurance is critical, especially as you get older. A single disease or unexpected injury can wipe you out financially no matter your age or the size of your savings account. Part of making your future secure is having the right health insurance. In addition to the health insurance you may already have you should look into the options you can add on such as long-term care insurance. Work with an agent to make sure that you are covered for all possibilities including extended stays in nursing facilities.

Take a good look at your health insurance options. You may still be on a plan provided by the company you retired from or you may need to find new insurance. Investigate your rights to Medicare and choose a plan that works well for you. Get supplemental or gap coverage wherever needed.

The older you are the more difficult the prospect of getting health insurance. Companies take into consideration age, health, and even prescriptions when taking into account the choice to insure and how much to charge. Be on the lookout for policies that could exclude even minor preexisting conditions.

Life Insurance

Life insurance policies can provide money for your family to pay off bills or medical expenses, or to live on. If you do not already have life insurance get it soon. You can be turned down for life insurance based on a number of factors including age and health. Some insurance companies cater to retirees and may make it easier to obtain insurance. However, the down side can be high costs or low pay-offs.

Another important distinction to be aware of is whether the insurance offered is permanent or term life insurance. Permanent insurance is an asset and the insured person can actually borrow against it or collect it themselves. Term life insurance is not an asset and the insured person can not withdraw cash from it. Be sure what type of insurance you are purchasing.

Homeowners Insurance

Homeowner's insurance isn't an option, but is mandatory. If part of your retirement includes moving, make sure you take a good look at your homeowner's insurance when you do. Make sure that the coverage you had is still the amount of coverage that you need. Work with your agent to find the plan that's right for you, your home, and your budget.

As you retire take the opportunity to evaluate and address all your insurance needs. In addition to home, health, and life insurance, this will be a good time to look at your car insurance. You might be eligible for a discount if you are no longer commuting to work daily.

Questions for Your Attorney

• How much life insurance do I need so that my family doesn't struggle when I'm gone?
• How do I get enough health insurance coverage to take care of minor and major health issues without bankrupting me?

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