Is Retirement Insurance really necessary for Seniors?

Is retirement insurance really necessary? You have paid insurance premiums for as long as you can remember. Now that you are retired why bother?

Well, even in retirement there are risks that need to be considered.

Personal property

The obvious risks that need to be insured are damage to, or loss of, your house, personal property, and your car. These risks are all covered conveniently by modern insurance policies as a package including your personal liability.

I had a nice surprise when I decided to consolidate all these insurance policies into one package. I got several quotes and one quote from a large insurance group was miles ahead of the rest. They allowed for our retired status and applied all sorts of discounts to my premium based on where we live and our claims record!

Medical

In many cases you'll have medical insurance coverage provided by the government, your former employer or union. But health care is your biggest risk in retirement. You should consider Supplemental Healthcare Insurance and/or Long-term Healthcare insurance depending on your health profile and history.

Life insurance

Many of your life insurance policies will became paid up and mature during your retirement. New life insurance should normally not be required.

Travel insurance

Personally I think travel insurance is a rip off for retirees!

If you bought your travel tickets with some credit cards, the transaction will normally include basic travel insurance like loss of personal belongings, delay in travel, basic accident insurance, and personal liabilities.

To buy additional medical insurance for your trip is, from my experience, a waste of money and effort. Any claim would be scrutinized against your past medical record and if any previous condition could be found that even remotely relate to the event that caused your claim, it would not be paid out.

The exception is an International Travel Benefit that is linked to your existing Healthcare Plan. On a recent visit to Europe, I became ill in Switzerland and was flown by ambulance helicopter to hospital for emergency surgery. If it wasn't for the International Travel Benefit of my Healthcare Plan, I would now have been in serious trouble financially.

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