Are You Over Insured For Retirement?

Many families spend ten to twenty percent of their budget on insurance premiums

. While the expense may seem high, it also gives us a good opportunity to figure out if we can save more money. Examine your insurance bills to see if you can cut back or get better prices.

Are insurance bills making it hard to reduce debt or save for the future? If so, you will need to analyze your policies and make sure you are getting a good deal for the coverage that you do require! It is pretty easy to get insurance quotes to make sure you have a good deal. It is not as easy to figure out what type of coverage you actually need!

What types of policies should retired folks have? Retired people, those planning for retirement, and the population in general all have very different needs. Some of the basic types of policies that you may consider during retirement are health, auto, home, life, and long term care. These are probably a lot of the same types of policies that non-retired people buy.

Are you over insured? As you get older, your needs will change. The three million dollar life insurance policy may have seemed like a good idea when your kids were young, you had a big home mortgage, and your spouse stopped working outside the home. Your real need for a big life insurance policy may have changed over the last few years. When your kids grow up, your mortgage balance declines, and your spouse goes back to work, your need for a big face value may go down.

Consider evaluating your true retirement life insurance needs. Life insurance over 65 may be quite different than life insurance for younger adults.

You may find that you would be better off by reducing the coverage. This could also reduce your premium bill! You may be able to cut the coverage on your present policy. If you cannot reduce the current policy, you might be able to get a smaller policy, and then end the old one. Of course, premiums tend to go up as we get older. Less life insurance may mean lower premium bills.

Will you need nursing care insurance? We should all make some plans for nursing care. You may want to purchase a nursing care policy, or you may find that an alternative will work just as well. Many life insurance policies have a clause so that the owner can take some of the proceeds from the policy while he or she is still alive in the case of a severe illness. Would this cash settlement work out well for you?

Health care needs will be a primary concern too. You may want to pay for a supplemental policy, but you may be fine with an Advantage plan. Many of these new Medicare Advantage plans have no additional premium. They can allow you to save your money for your other needs.

I am certain that you will still find that you will need to pay for some insurance. It will be prudent to figure out what type of coverage you actually need. Then you can figure out how to get that coverage for less money. You buy insurance to protect yourself from big risks, but you should not buy so much insurance that you cannot save for other things!

by: Marilyn Katz

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