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Written by Adam Miller
How Retirement Can Change Your Insurance Needs

Each year, millions of Americans reach retirement age, while millions more work, plan, and save towards their eventual retirement. While retirement may look different for each person or family, there are some common changes that impact nearly all retirees and their loved ones. Our Aegis blog post today highlights one of the most significant changes for those entering retirement ages, which are insurance needs. We discuss how insurance needs change for retirees, and what people can do to ensure they are well protected as they enter their sunset years.

Health Insurance

Despite many efforts to curb costs, health care prices continue to climb across the country, making it difficult for older Americans to cover their medical expenses as their health needs increase. As a result, it's important for those approaching retirement age to consider their health insurance needs and costs, and determine if it's worth delaying retirement in order to keep employer-based group health insurance, or to rely simply on retirement savings or Medicare for future health expenses.

Property Insurance

Additionally, Americans approaching retirement age may also consider downsizing or selling off real estate property or other major assets in order to reduce maintenance costs and upkeep. Alternatively, some may consider making improvements such as constructing swimming pools, decks, or other additions for recreational use or to improve the property value. By selling off or improving real estate holdings, seniors may need to adjust their homeowners coverage, or amend their coverage to include new additions or improvements.

Life Insurance

Finally, approaching retirement age might spur conversations about a dream road trip in a RV or starting fun new hobbies, but it should also lead to discussions about life insurance, estate planning, and end of life plans. Having the right type and amount of Life Insurance is critical to ensuring that survivors and other loved ones have the financial help needed to cover burial costs, outstanding debts, and other future expenses.

Aegis Insurance & Financial Services is committed to helping clients create financial plans for their retirement that include quality Life Insurance coverage, as well as reviewing other coverages such as Homeowners, Renters, Auto, Inland Marine Coverage, and RV coverage to ensure they have the proper coverage for their senior years. For more information, contact our Aegis office at 713-850-7622 or fill out our online form for a free quote!

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