At different stages in life we require different types of insurance. When you retire, or are getting ready to retire, it is a great time to review all of the coverage you have and see what you may no longer need and also look into coverage you may want to add.
Health insurance as always is a must have. This is for all walks of life. At anytime something can happen and without being insured the bills will pile up. When you plan on retiring you should look into what will be happening to your health insurance. Some companies will provide you with coverage after you retire but not all do so you may have to look into COBRA, Medicare (if you are 65+) or other private insurance coverage or policies through your state health insurance exchange or federal insurance exchange.
If you still plan on driving you will need to have at least liability coverage. Car insurance is always required when you own a vehicle. Once you reach retirement age or become a senior citizen you may qualify for someadditional car insurance discounts you did not before so it would be in your best interests to contact your current company or shop around to see what you may be able to save.
You will want to keep your homeowners insurance or renters insurance. Even if your home is paid off it is best to keep yourself protected. Most homeowner’s policies also cover possessions up to a certain dollar value. You can always purchase additional coverage for items, upgrades, flood insurance and so on.
It is good to have a life insurance policy if you can afford to do so. This protects your loved ones from hefty expenses in the event something were to happen to you.