Understanding Insurance Needs During Retirement

Understanding Your Insurance Needs During Retirement

When you begin to near retirement, your financial goals and priorities are likely to change, and so will your insurance requirements. As you begin to transition into retirement, it will be necessary to begin reviewing your current insurance policies and making necessary adjustments to better meet your needs. If you are ready to retire in San Diego, California, and want to know more about managing your insurance policies, Windfall Insurance Services Inc. can help. Continue reading to better understand your insurance needs during retirement.

Maintain Your Health Insurance And A Healthy Lifestyle

Maintaining good health is a major priority during retirement. When you retire from your employer, they more than likely will not be paying for your health insurance, so you will want to ensure that you have some type of adequate coverage to meet your needs. As we age, we will begin to require more doctor’s appointments for preventative care, medical checkups, medications, and medical procedures. Even if you find that you are eligible for Social Security and Medicare, it is likely that you will still need to supplement your healthcare with an extra policy.

Check Your Auto And Homeowners Insurance Policies

When you retire, it is advisable to review your auto policy so that your coverage limits are high enough to protect you and ensure that your assets aren’t at risk in the event that you are found responsible in an accident. You also may want to check to see if you qualify for any discounts that could save you money. As far as homeowners insurance, you may not need to make changes to your policy if you plan on continuing to live in your current home when you retire, but you will still want to review your liability coverage to ensure that it will cover your assets. It is also a good idea to consider an umbrella policy in case someone becomes injured on your property.

Is Life Insurance Necessary In Retirement?

Many people that are close to retirement age wonder if they still need life insurance. If you are married or have children, you will want to ensure that your loved ones are taken care of. Having a sufficient life insurance policy is one way to help them, but you may be wondering if you should continue with your current policy, amend its overall amount, or obtain a new one. Since you will have less income to protect during retirement, you may no longer need your current policy. In certain cases, you might not need life insurance if you have a term life policy with a premium that has increased significantly. On the other hand, if you do not have many assets and still owe money and have financial obligations, you may want to get a new policy or keep your current coverage depending on your situation.

If you have questions about your insurance policies during retirement in San Diego, California, contact Windfall Insurance Services Inc. for a consultation.