Which insurance products should I consider when retiring?
Auto Insurance
: Review your current coverages.
Life Insurance: Re-assess your needs.
Health Insurance: You may need a new plan.
What does my retirement have to do with auto insurance?
Retirement is a good time to reevaluate your auto insurance needs. Your driving habits may have changed and you may be taking a careful look at your assets right now. You may be able to minimize your insurance premiums while maintaining the coverage you need.
Consider the following:
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Mileage: Once retired, you will no longer be using the car for your daily work or for business purposes. Your annual mileage may drop significantly, which may result in a rate reduction.
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Coverage needs may change: The value of your assets may fall during your retirement years. You may be spending your assets on support, entertainment, and/or tuition for the grandkids. You may also be reducing the size of your estate for estate planning purposes. Determine whether your current auto insurance coverage is consistent with your needs.
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Less cars: Many couples find that they no longer need multiple cars in retirement. Many get by just fine with one automobile, which reduces premiums.
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Driver safety courses: AARP and AAA offer refresher courses that promote driver safety among their members. Many insurance companies voluntarily, or by state law, offer reduced premiums to those who complete a state approved driver improvement course.
What about life insurance?
As you grow older, your financial needs may change. Use our life insurance calculator to determine appropriate coverage limits for your lifestyle and situation.
Will you need a new health insurance plan?
If you find yourself in need of a new health insurance plan, it pays to shop around. Premiums may vary. You also may want to look into long-term care insurance, to pay for future care for you or a loved one.