5 Insurance Changes to Make When You Retire

Whether you plan to travel the world, run marathons, serve your community or spend more time with family, retirement will bring radical changes in the ways you spend your time. And whenever life changes, so do the risks you face — which means retirement is a good time to look closely at your insurance coverage.

You might need more, less or different coverage, and you might also qualify for new discounts.

Here are five insurance tasks you should prioritize as you enter retirement.

1. Ask about car insurance discounts and coverage

There are a couple of ways you can save money on car insurance once you retire:

• Tell your car insurance agent or company you’re no longer commuting. Driving fewer miles may reduce your car insurance rate.

• Take a defensive driving course. Most states and the District of Columbia require car insurers to give discounted rates to older adults, usually ages 55 and up, who complete these classes. AARP and AAA are among the groups that offer the courses, many of which are available online for less than $20.

But you might also need more or different coverage. For example, if you plan to rent cars in other countries, you might need international liability protection, advises Scott Johnson, manager of Marindependent Insurance Services LLC in Mill Valley, California. Most standard car insurance policies don’t cover you when driving abroad.

You could be covered through your credit card or stand-alone trip insurance policies. But those options might not provide enough coverage if you’re in a wreck that causes injuries. And the coverage from an umbrella liability policy, which offers protection above the liability limits of your car and home insurance policies, might vary by the country you’re in and how long you’re there, Johnson says. Ask your agent whether you have enough liability protection to cover your assets no matter where you travel.

Your coverage needs might also change if any of your adult children have come back to live with you, Johnson says. Even if they have their own cars and insurance, they might need to be listed on your policy.

2. Contact your homeowners insurance company

Find out if your homeowners insurance company offers discounts to retirees. Some do, reasoning that retirees are at home more often, reducing their risk of burglary, fire and other problems, according to the Insurance Information Institute.

Planning a big remodel? Update your total coverage amount to include the improvements. It should cover the cost to rebuild your home.

Travel plans could also impact homeowners insurance. If you’re going to live in Tuscany for six months or spend the summer visiting grandkids, and your home will be vacant, you’ll need to get an endorsement — an addition to the policy — to cover the risk, Johnson says. Tell your insurer, too, if you plan to rent out your home through a service like Airbnb while you’re gone. You might also need special coverage in that case, Johnson says.

3. Re-evaluate life insurance

If your kids are grown up, your house is paid off, and you have enough retirement savings to support you and your spouse, you might not need life insurance.

But there are a few reasons why getting life insurance quotes and buying a policy as you near retirement might be a smart decision, says Marvin Feldman, president and CEO of industry group Life Happens.

“Some of these factors are pretty predictable — such as the financial obligations brought on by dependents and mortgages — but your unexpected death could prove to be a huge financial burden for your spouse, reducing your Social Security benefits and possibly pension benefits and bringing about unplanned medical and funeral expenses,” he says.

If your death would still hurt someone financially, consider a permanent policy, such as whole life insurance, to cover funeral and other final expenses, Feldman says. And if your estate will be subject to taxes, your heirs can pay them with life insurance proceeds.

Permanent life insurance policies can be complicated. Talk to a financial planner if you’re considering one.

4. Sign up for Medicare

Medicare is the federal government’s health insurance program for people 65 and older. You can sign up during a seven-month window, starting three months before your 65th birthday. Learn about the different parts of the program at Medicare.gov.

Stay on top of the enrollment period. You’ll usually pay a higher price for Medicare if you enroll late.

5. Plan for long-term care costs

Long-term care includes a range of services that help with daily tasks, such as eating and bathing, if you can’t do them yourself. Paying for it is American consumers’ No. 2 financial concern, second only to retirement saving, according to the 2016 Insurance Barometer Study by Life Happens and financial services research group LIMRA.

Seventy percent of 65-year-olds will use long-term care eventually, according to the U.S. Department of Health and Human Services. In many cases, Medicare won’t pay a dime for it. Medicaid, the government health insurance program for low-income people, pays for nursing home care, but only after you’ve spent down most of your assets.

So planning is critical. You can:

• Save money for long-term care.

• Buy a long-term care insurance policy.

• Rely on life insurance that includes long-term care benefits.

“The first place to start is to recognize and determine your needs,” Feldman says. “Given the vast number of products that exist, speak with a financial advisor or agent who specializes in long-term care to better understand and navigate all the options.”

Keywords related to the post:

insurance about us, insurance about us page, insurance aboutinformation, insurance about car, insurance about dogs, about insurance company, about insurance policy, about insurance pdf, about insurance in india, aboutinsurance industry in india, insurance above 65 years old, insurance aboveground pool, insurance above fdic limits, insurance above 26th parallel, insuranceabove 60 years, above insurance, above insurance agency, above insurancerichland hills tx, trekking insurance above 5000m, trekking insurance above4000m, insurance across state lines, insurance across state lines executiveorder, insurance across America, insurance across state lines law, insuranceacross state lines won't work, insurance across state lines myth, insuranceacross state lines aca, insurance across states, insurance across state borders, insurance across state linesobamacare, insurance after drink driving, insurance after a ban, insurance after driving ban, insuranceafter accident, insurance after cancer, insurance after passing driving test, insuranceafter drug driving, insurance after surgery, insurance after heart attack, insuranceafter selling car, insurance against redundancy, insurance against twins, insuranceagainst illness, insurance against tax investigation, insurance against losingyour job, insurance against cancer, insurance against inheritance tax, insuranceagainst dementia, insurance against gdpr, insurance against being sued, insurancealong with home loan, property insurance along with home loan, insurancecompanies along mombasa road, ride along insurance, insurance to go along withmedicare, take along insurance, amid insurance, insurance around me, insurancearound the world, insurance around my area, insurance around the arc detriomphe, insurance around boston, insurance around the corner, insurancearound Stafford, insurance around, car insurance around me, insurance companiesaround me, insurance as a service, insurance as a second driver, insurance as asole trader, insurance as you go, insurance as a new driver, insurance asa platform ,insurance as a contractor, insurance as a learner driver, insuranceas a dog walker, insurance as a social security tool, insurance at work, insuranceat 17, insurance at 21, insurance at 25, insurance at Lloyds, insurance at riskmeaning, insurance at exchange of contracts, insurance at Walmart, insuranceat 26, insurance at fault, insurance before buying car, insurance before tax, insurancebefore exchange, insurance before mot, insurance before passing test, insurancebefore registration, insurance before medicare, insurance before buying usedcar, insurance before settlement, insurance before title transfer, gapinsurance behind on, payments insurance for behind the wheel test, insurancecompanies behind obamacare, insurance for pull behind camper, math behindinsurance, principle behind insurance, theory behind insurance, insurance hitfrom behind, idea behind insurance, history behind insurance, below insuranceservices, below insurance Fostoria, health insurance below povertyline, car insurance below 25, insurance claim below deductible, flood insurancebelow grade, national insurance below primary threshold, insurance for belowpoverty line, mortgage insurance below 20, bike insurance below 500, insurancebeside, insurance besides obamacare, health insurance besides obamacare, insurance options besides, bam a care, other insurance besides obamacare, healthinsurance besides cobra, insurance jobs besides sales, other insurance besidesmedicare, insurance options besides cobra, car insurance besides icbc, otherhealth insurance besides obamacare, insurance between exchange and completion, insurancebetween exchange of contracts and completion, insurance between jobs, insurancebetween job changes, insurance between jobs 2018, insurance between retirementand medicare, insurance between 62 and 65, insurance between jobs cobra, insurancebetween jobs 2017, insurance between, insurance beyond digital, insurancebeyond economical repair, insurance & beyond, insurance beyond the gravelyrics, insurance beyond fdic, insurance & beyond llc, insurance beyondmedicare, insurance beyond the grave

insurance beyond repair, beyond insurance whitby, insurancebut not registered keeper, insurance but no license, insurance but no tag, insurancebut no car, insurance but no registration, insurance but no mot, insurance butno tax, insurance but for test, insurance but no vehicle, insurance by the hour

insurance by the day, insurance by postcode, insurance byreg, insurance by jack, insurance by the mile

insurance by the hour app, insurance by car model, insuranceby davido, insurance by number plate

circa insurance, circa insurance agency, insurance comeunder which account, insurance come under

crop insurance come under, does insurance come with finance, does insurance come with a leased car

does insurance come out before taxes, does insurance comeout on weekends, does insurance come with rental cars, insurance losses come inhow many types, does insurance come with car hire, insurance down under, insurancedown payment, insurance down under tamworth, insurance down payment refund, insurancedown syndrome, insurance down, insurance down payment for car, down insurance Downpatrick, insurance goes down at 25, auto insurance down payment, insurance duringbuilding works, insurance during renovation, insurance during extension, insuranceduring renovation work, insurance during pregnancy, insurance during houseextension, insurance during house renovation, insurance during construction, insuranceduring home renovation, insurance during pregnancy india, except insurance, insurancecompanies that except pitbulls, insurance for a day, insurance for youngdrivers, insurance for new drivers, insurance for a week, insurance for car, insurance for first time drivers, insurance for 17 year old, insurance for a month, insurance for learner drivers, insurance for selfemployed, insurance from exchange, insurance from exchange or completion

insurance from provisional license to full, insurance fromexchange of contracts, insurance from the general, insurance from Costco, insurancefrom banks, insurance from work, insurance from dealership

insurance from another state, insurance in Spanish, insurancein uk, insurance in French, insurance in blackjack, insurance in german, insurancein Italian, insurance in islam, insurance in America, insurance in sport, insurancein the aggregate, insurance inside or outside super, insurance inside super, insuranceinside sales, insurance inside heb, insurance inside vs outside super, insuranceinside smsf, insurance inside sales salary, insurance inside superstore, insuranceinside and outside super, insurance insider

insurance less depreciation, insurance less, insurance lessthan excess, less insurance car, less insurance premium, less insurance company,insurance 4 less austin tx, insurance for less gun barrel city, insurance likefor like, insurance like cuvva, insurance like for like replacement, insurancelike Aflac, insurance like metromile, insurance like geico, insurance like thegeneral, insurance like aaa, insurance like lemonade, insurance like medishare, insurance mid check, insurance mid update, insurance mid term adjustment

insurance mid market, mid insurance search, mid insurancedatabase update, mid insurance portal

mid insurance factory, mid insurance details, mid insuranceregister, minus insurance agency, minus insurance, travel insurance minusmedical, reggie minus insurance, peter minus insurance, insurance near me, insurancenear me car, insurance near me cheap, insurance near me open now, insurancenear ne, insurance near my location, insurance nearby, insurance near me auto, insurancenear dmv, insurance near me icbc, insurance of America, insurance of car, insuranceof the works, insurance of jewellery, insurance of a new car, insurance ofworks in construction, insurance of car in uk, insurance of unoccupied property,insurance of electric cars, insurance of bike, insurance off road, insuranceoff balance sheet items, insurance off exchange, insurance off marketplace, insuranceoff piste,offshore insurance, insurance off road bikes, insurancewrite off, insurance cooling off period, insurance write off cars for sale, insuranceon parents car, insurance on phone, insurance on someone else's car, insuranceon fiat 500, insurance on risk, insurance on a moped, insurance on audi a1, insuranceon demand, insurance on audi a3, insurance on leased car, insurance opposite, insuranceopposite word,insurance out of pocket, insurance out of network, insuranceout of state, insurance out of pocket definition,  insurance out of network meaning, insuranceout of state license, insurance out of country, insurance out of work, insuranceout of pocket stop loss, insurance out of pocket expense, insurance outside thescope of vat, insurance outside of marketplace, insurance outside of work, insuranceoutside super, insurance outside open enrollment, insurance outside ofobamacare, insurance outside superannuation, insurance outside of aca, insuranceoutside of healthcare.gov, insurance outside home, insurance over 80, insuranceover 60, insurance over 25, insurance over 75, insurance over 50s, insuranceover mileage, insurance over 70 years old, insurance over the phone, insuranceover 65, insurance over 30, insurance past tense, insurance past questions, insurancepast 26, insurance past papers, insurance past posting, insurance past age 26, insurancepast due, insurance past present and future, insurance past participle, pastinsurance claims, insurance per month, insurance per hour, insurance per day, insuranceper mile, insurance per diem, insurance per month car, insurance per diem feesowed, insurance per occurrence, insurance per pay period, insurance per capita, insurance plus, ryanair, insurance plus aberdeen sd, insurance plus groesbecktx, insurance plus investment, insurance plus login, insurance plus kewanee il, insurance plus yoga, insurance plus alvin tx, insurance plus aurora il, insuranceplus investment plans, insurance post office, insurance post awards, insurancepost, agazine, insurance post news, insurance post twitter, insurance post code,insurance post logo, insurance post events, insurance post claims awards 2017, insurancepost linkedin, insurance pre existing conditions, insurance pre existing medical conditions, insurance pre authorization, insurance pre licensing course, insurance pre approval, insurance pre tax, insurance pre authorization form, insurancepre licensing course near me, insurance pre test, insurance pre licensingcourses in Illinois, insurance pro rata calculator, insurance pro ratacalculator excel, insurance pro agencies, insurance pro shop, insurance problog, insurance pro group, insurance pro rata, insurance pro rata wheel, insurancepro login, insurance pro agencies reviews, insurance premiums since obamacare, insurancerates since obamacare, insurance profits since aca, insurance profits sinceobamacare, insurance provider since 1850, insurance premiums since aca, insurancecosts since obamacare, insurance premiums since 2000, insurance costs since aca, insurance business since 1991 in Ethiopia, insurance cheaper than geico, insurance other than obamacare, insurance more than better insurance than usaa, insurancecheaper than the general,  insurance morethan car payment, cheaper insurance than usaa, insurance more than car value, insuranceother than health schedule c, insurance other than collision, insurance throughbank, insurance through broker, insurance through Barclays, insurance throughcredit card, insurance through natwest, insurance through work, insurancethrough the state, insurance through the marketplace, insurance through aarp, insurancethrough superannuation, insurance till 26, insurance till what age, insurancetill 26 years old, insurance till your 26, insurance till you are 26, insurancetill 26, even when married, insurance till 25, insurance till 29, terminsurance till what age, term insurance till 99, insurance to go, insurance togo reviews, insurance to drive in Europe insurance to go mobile phone, insuranceto turkey, insurance to cover hire car excess, insurance to go discount code, insuranceto go contact, insurance to cover inheritance tax, insurance to cover buildingwork, travel insurance toward road sunderland, attitude toward insurance, behaviortoward insurance, insurance under 21, insurance under 25, insurance underwriter,insurance under nec3, insurance under parents name, insurance under jctcontracts, insurance under which head in tally, insurance under misp, insuranceunder parents, insurance under gst, insurance until 26, insurance until 26 or27, insurance until the age of 26, insurance until 26 trump, insurance until 26years old, insurance until 27, insurance until you are 26, insurance until 29, insuranceuntil 26 repeal, insurance until 25, insurance up to age 26, insurance up toage 26 law, insurance up after accident, insurance up, up insurance agency, upinsurance reviewer, insurance pick up lines, insurance startup, insurancelookup, insurance going up, insurance upon death, insurance upon completion, lifeinsurance upon death, mortgage insurance upon death, health insurance upontermination, insurance stratford upon avon, car insurance upon death, homeinsurance upon death, buildings insurance upon exchange, insurance upside downcar loan, upside insurance, gap insurance upside down loan, gap insuranceupside down trade in, car insurance upside down, insurance versus assurance, insuranceversus assurance difference, insurance versus bond, insurance versus ndemnification,insurance via ferrata, insurance via mobile phone, insurance via credit card, insurancevia internet, insurance via marketplace, insurance via superannuation, insurancevia smsf, insurance via the voluntary market, insurance via turo, insurance vsassurance, insurance vs reinsurance, insurance vs banking, insurance vswarranty, insurance vs assurance uk, insurance vs banking career, insurance vsinvestment banking, insurance vs guarantee, insurance vs investment, insurancewith black box, insurance with partners, insurance with reviews, insurance withmedical conditions, insurance without black box, insurance with cancer, insurancewith sapphire, insurance with 6 points, insurance with convictions, insurancewithpromotional code, insurance within super, insurance within the firm, insurancewithin smsf, insurance within superannuation fact sheet, insurance within abusiness, insurance within city limits, insurance within corporation, withininsurance period, travel insurance within Australia, travel insurance within Canada, insurance without mot, insurance without tax, insurance without excess, insurancewithout prejudice basis, insurance without license, insurance without owning acar, insurance without cbt, insurance without deposit, insurance withoutregistration number, insurance worth it, insurance worth of car, worthinsurance owensboro ky, worth insurance agency, worth insurance group, worthinsurance sylvester ga, worth insurance iphone, gap insurance worth it, tripinsurance worth it, pet insurance worth it,