All of us know that our lives could be both cash-strapped and insurance-rich. Do I still need to have insurance in retirement after the “golden years” of retirement? It is both yes and no. This is how I intend to ask you: What type of insurance will I need after I retire? These are the types of insurances you should have in your personal portfolio (not including if you are self-employed for business insurances).
1) Life
2) Health, dental, vision
3) Automobile, R.V., motorcycle, boat, etc.
Flood Insurance for Homeowners
5) Disability
6) Long-term care
7) Pet
8) Travel
Now you will understand why I said no to insurance. Let’s get started and look at the list.
1) Life insurance. 1) Life insurance. This is life insurance. It covers financial loss, hardship, paying some debt, and burial funds for the surviving. If you can answer no to any of the above, then life insurance is not necessary. However, you may want to donate money to charity in order to help your family members. The amount of life insurance you purchase depends on how much money your beneficiaries will not experience financial loss. Calculate your liabilities. Talk to an insurance specialist about the different insurance policies that are available to you. You may want to sell your insurance policy if the cash value is not enough to pay your premiums.
2) Health, dental, vision insurance. What about insurance after retirement? Yes. You may have the option to keep your health insurance even if you are leaving your employee. This is possible in many municipalities and unions. It may be possible to keep Cobra going for 18 months, until you decide what your plans are for Medicare. Even if you decide not to apply for Medicare at age 65, they will still need to know that you have declined other coverage. You will be penalized and have to pay a higher premium if you do not apply for Medicare at a later time. This may require a supplement.
3) Do I still require insurance for my auto, motorcycle, or boat in retirement? This is up to you. Most likely, yes if you have any of the items in this category. You decide how much.
You should have homeowner’s insurance. Some policies cover you even if you are not at your home. Flood insurance is something you might want to look into even if your home is not in a flood zone. You can just watch the weather channel and news.
5) Disability insurance. This insurance is something you probably had at work. If you are active, then you probably won’t need it in retirement. Only you can make that decision.
6) Will I still need insurance after retirement? It is a good idea to have long-term care. Your premium will be less expensive if you begin your care earlier (age-wise). You can find out how much it costs to get medical care at home and abroad. This could lead to a high premium. This could be a very expensive premium.
7) Pet insurance is a personal decision. You know the cost of vet bills if you have pets. This is what you can afford in retirement.
8) Travel insurance. Travel insurance can be purchased for any trip that you plan to take. You can get coverage for a variety of reasons, including cancellations, weather and medical. Some countries won’t accept the U.S. medical coverage. It is likely that this is true when you travel.
Are There Still Benefits to Having Insurance in Retirement?
