If your career is getting ready to come to an end, it’s time to start thinking about major life changes that will take place with your retirement. Although, have you considered what to do about your insurance and retirement, in terms of updating the details on your policy? If not, here are a few things that we suggest taking a look at:
Ask About your Car Insurance
When is the last time you updated your auto insurance policy? If you’re unsure, you could always reach out to one of our agents here at Paradiso Insurance by giving us a call at 860-684-5270. After you retire, there’s a few things you can tell your agent that may land you a discount on your auto insurance. First, let them know you’re retiring and that you no longer need to commute to work – the lower mileage can save you money on your auto insurance rates. Additionally, you could try to take some courses on defensive driving. For those aged 55+, and complete these classes (typically offered by AAA and AARP), there may be a discount available for your insurance.
Your next potential insurance change could be contacting your homeowner’s insurance company to see if they offer any discounts to retirees. When you are retired, sometimes the carrier sees that as you being home more often, which means you are at less risk for things like theft, fire and other risks, which could reduce your premium. If you’re planning a big remodel or some renovations, it’s also important to update your total coverage to reflect on these improvements. Be sure to tell your agent about any vacation or travel plans as well, because that could impact your homeowner’s insurance too. If you plan to rent out your home too, it is absolutely imperative that you let your insurance agent know.
A Second Look at Life Insurance
If you’re getting close to retirement and haven’t already purchased a life insurance policy, now is the perfect time to re-evaluate. Some people think that since the kids are grown up and moved out, your mortgage is paid, and you have money in the bank in savings, you may not need life insurance. Although, if an unexpected death happened, then the financial responsibility could be a huge burden for your spouse with unplanned medical or funeral expenses. Permanent life insurance can be complicated to figure out, so be sure to call one of our agents if you have any questions.
Sign up for Medicare
Medicare is only available for those who meet the age requirements, but you should sign up as soon as you are ready to. You can only sign up within a seven month period, from 3 months before you turn 65 years old to four months after you turn 65. Medicare is a government funded health insurance program, and to get started with it, visit medicare.gov.
Insurance and Retirement
We hope these insurance tips will help you better prepare for your retirement. Remember, if you have any additional questions, our professional insurance agents are here to help. Reach out to us today with any questions, or if you’re looking for a free quote!