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Attention empty nesters and retirees:  Do you know what insurance you need?

Attention empty nesters and retirees: Do you know what insurance you need?

May 23, 2024

After decades of working you’ve finally done it: you’ve reached retirement. Before you congratulate yourself on a job well done, you might want to make sure that you have yourself, and your loved ones protected. Consider these insurance options to give you peace-of-mind during retirement.


Life insurance policies are often complex with many stipulations and clauses. If you currently have a life insurance policy that was meant to provide assistance to your loved ones in case you passed away during your working years, you may find that policy to no longer be necessary. However, you could still keep the policy as a means of providing a legacy to your heirs.


When thinking about whether to maintain a life insurance policy, consider the following:


  • What is my policy premium?
  • What benefits does my policy provide?
  • Is there a surrender charge for ending the policy early?
  • Do I have any dependents that will rely on the proceeds from my policy?
  • Can I adjust my policy to fit my current needs?


Whether you or your spouse continue working in retirement is a big factor when it comes to health insurance. Medicare coverage kicks in at age 65, so if you retire before that time, you’ll need to find insurance to cover you until you can use Medicare. You can do this by adding yourself to your spouse’s health insurance plan if they are still working, or by purchasing a plan through a private insurer or on your state’s marketplace.


Even once you reach retirement age, you have the choice of several Medicare options, including Medicare Part D (to cover prescription drugs) and Medigap insurance (to cover additional healthcare costs).


Have you stopped working in retirement? If so, you might want to consider canceling your disability insurance as you likey no longer need it. But that might not be the case for everyone. Consider speaking with a financial expert who can help you determine whether disability insurance is right for you in retirement.

Extended care

Extended care insurance covers medical care over a long period of time. While you might think extended care only applies toward the end of life, it’s important to be covered in case something unexpected happens. Extended care can cover the the cost of:


  • Hospice
  • Home care
  • Assisted living
  • Nursing homes


This insurance can help ensure that your family isn’t burdened by the cost of medical care, while providing you with important care in a time of need.


If you no longer have a mortgage, there’s no requirement to own home insurance. However, that doesn't mean it’s not a good idea to have your home covered in the case of an unexpected event. This is especially true if you have a significant amount of your net wealth tied up in your home, and can’t afford property loss or personal liability.

Keep yourself, and your loved ones protected

Insurance isn’t just about protecting yourself, it’s also about making sure your loved ones don’t bear the financial burden of health-related bills in your future. Certain types of insurance can also ensure you leave your heirs with the financial means to move forward in life after you’re gone. So, whether you're headed toward retirement or already there, you may want to consider speaking with a financial professional to understand which types of insurance might be best for you and your family.