He offers a number of tips for both retirees and empty nesters in regards to various types of insurance. For example, as you age, says Karp, the need for life insurance diminishes, particularly if your spouse is drawing from the same retirement nest egg. If your spouse will be financially solvent without the life insurance, it’s okay to drop it, he reports.
In the area of auto insurance, seniors should be sure to reap the discounts often available for drivers age 55 to 70.
Many states run programs that, when attended, result in a discount for the senior citizen. However, you should be aware that when you reach the age of 70, your premiums may rise as you enter this high-risk group of drivers.
If you are no longer working, disability policies can be dropped. However, you may want to spend the extra premium money on long-term care insurance. While opinions vary on the necessity of this insurance, it continues to gain in popularity. Most professionals note that if your assets are less than $200,000, you probably won’t need the insurance as you’ll most likely qualify for Medicaid. If you’ve amassed extreme wealth, you’ll be able to afford nursing care, Karp points out. However, if you fall between those two parameters, long-term care insurance should be a consideration for you.
Health insurance these days can be confusing as well, especially with recent changes in Medicare. Retirees are advised to learn as much as they can about the health insurance options available to them during their later years.
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