Retiree Life Insurance Considerations

There are many things that you no longer have to worry about when retired, but insurance considerations is not one of them. In order to get the most out of your retirement and your retirement savings, having a well-designed insurance portfolio is vital. Here are some of the coverages you should be considering before, and after, retirement:

  • Home Insurance: One of the goals of many retirees is to have a paid off home by the time they reach retirement. Many may have the misconception that once your home is paid off your need for home insurance changes. Home insurance isn’t a product that’s meant to protect a mortgager though, it’s meant to protect you. If something should happen to your home or your belongings, without insurance you would be forced to sell assets or dip into your retirement savings to repair or replace your home and possessions.
  • Auto Insurance: Once your automobile is paid for, many think keeping the state required minimum is enough. What if your car should be stolen, vandalized or totaled in a collision? Without the proper insurance you’ll have to use retirement funds to repair or replace it. You may also find that state required minimums for liability and bodily injury may prove so limited that you will be forced to pay out-of-pocket for the damages that exceed your limits.
  • Life Insurance: Life insurance is generally thought of as a policy that helps survivors, but with cash value growth available for tax-free loans it can also help pad your retirement spending. In addition, if one spouse should pass away, leaving the other alone, the life insurance policy proceeds can supplement the surviving spouse’s retirement budget. For those concerned with leaving a legacy to their heirs, a life insurance policy ensures that you can do so without having to put a cap on your retirement spending.
  • Long-term Care Insurance: Not every retiree has the health and mobility to independently complete all activities of daily living such as showering and dressing. When you begin to need assistance with daily activities, moving into an assisted living facility or hiring an in-home nurse may be necessary. Medicare and Social Security will only pay for certain long-term care expenses. Designing a supplemental long-term care policy, with an acceptable waiting period and daily benefit, is vital if you want to avoid using retirement funds for your long-term care needs.

Retirement assets create a limited pool of funds that need to be available for an unknown period of time. Life Insurance policies retirees preserve those funds and keep enjoying your retirement the way you want to. Give us a call at 305-270-2100 and we can discuss the many ways that insurance is there to make your retirement more financially secure.

At Filer Insurance, Inc., we have been providing Home, Auto and Business Insurance in Miami and South Florida since 1919.  We would very much like to have you as one of our customers.  Please give us call or come by our office for a free quote on your insurance.

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