We’re going to continue this series of videos for folks approaching retirement on important items to have on your “aging checklist.” Today, we are going to discuss insurance items to consider on this checklist.
- First, be sure to Include the contact information for your insurance advisors.
- Make a list of all insurance policies (like, life, health, long-term care, etc.) with all relevant information so your loved ones have access to them when necessary.
- Review homeowners, auto and umbrella liability insurance to make sure they are adequate, appropriate and up to date.
- Review health insurance coverage and consider whether it would be appropriate to add a Medigap policy to pay for costs not covered by Medicare.
- And here’s a Planning Tip: Is there any insurance that you no longer need once retired or change living arrangements (for example, life insurance may no longer be necessary if your mortgage is paid off, you have adequate retirement funds, your kids are self-sufficient, and you don’t have a taxable estate. Also, homeowners insurance may no longer be necessary depending on your living arrangement in retirement)? Is there other insurance that you now need to get or increase as you approach retirement (e.g. long-term care)? Be sure to evaluate these questions when you are planning with your financial advisor to ensure that you have appropriate coverage for the next phase of life without overpaying for what you don’t need.