Will retirement cause any changes to my auto insurance?
Finally the day has arrived when you no longer need to spend your mornings stuck in traffic or rushing to work hoping you arrive in time. Now you can go ahead and sleep in that extra hour, go for that morning walk you have been wishing to enjoy, learn to cook a perfect pancake breakfast; the possibilities are endless and the decision is yours. However, there is one other bonus to retirement that you may not have thought of yet…. You may be able to save some money on your auto insurance! All you need to do is give us a call, we will go ahead and make the necessary adjustments to your policy to best complement your new phase of life as a retired individual!
Although we will go ahead and do the work for you to adjust your policy, here are some things we might recommend or do for you.
- Since you no longer need to make that dreadful commute to work each day, chances are you will be driving less, therefore minimizing your risk exposure as an auto driver. Insurance companies like this, and therefore we may be able to re-class you as pleasure driver rather than a commute driver, this can reduce your premiums leaving more money in your pocket for your new hobbies!
- Now that you have more time on your hands, we recommend that you take a defensive driver class. This is a simple 6 hour class that only costs a small fee and can save up to 10% on your auto insurance.
Each individual will have different preferences and needs that make savings different for everyone. Please give us a call so we can take a look at these preferences and needs and tailor a policy just right for you and your new way of life.
What do I need to know about my homeowners insurance?
As you go into retirement, you are also probably finishing up on your mortgage payments. What an achievement! The house is finally all yours! So you may be wondering if you still need a homeowners policy now that you no longer need it as a requirement for your mortgage company. As your insurance agency we definitely recommend that you continue to maintain a homeowners policy.
You have worked very hard to purchase your home and your home has many risk exposures. Losing this home would be tragic and most individuals cannot afford to replace their home out of their own pocket. Don't spend your years in retirement wondering how you can afford to replace your home if anything happens to it. Let the insurance company take that risk for you and enjoy your retirement days in the home you have worked so hard to purchase!
Also, we recommend that you give us a call so that we can review your homeowners policy. Just like your auto policy, there may be some changes we would recommend now that you are retired. We also will go ahead and reevaluate the value of your home and personal property to make sure that you are still adequately protected.
What happens if I want to own property in a warmer area to escape the winter?
As a retired person, we understand that you may decide snow is not for you and you want to escape it during the winter months. The dreadful winters in New York, driving through snow and dealing with temperatures so cold it can be hard to breathe is over. You are going to live somewhere warmer during the winter months and then come back to NY in the summer to be with family, what an exciting plan! So how do you adjust your insurance to deal with this? Well, all you have to do is give us a call and we can work with you and tailor your policies to adjust for the change. Working with snowbirds is not new to us as a NY agency, and we will be happy to help you out with this new way of living.
What about life insurance now that I am retired?
Chances are, now that you are retiring, your term life insurance policy is also coming to an end. So you may be wondering if it is necessary to renew the policy or not. This is a difficult question for us to answer, since it varies between individuals and their different circumstances. However, here are some general questions that you can ask yourself to get started.
- Are you married? If so do you have enough money saved that your spouse would not have to make significant restraints to his or her current lifestyle?
- Are you providing any income (even during retirement) that would be lost if you were to pass away?
- Do you have any outstanding debt?
- Can you afford funeral costs?
- How high are your estate taxes? Would they be an extra burden to your family if you pass away?
- Do you have enough in your savings to provide for your spouse up to another 30 years?
Please give us a call if you have any further questions about life insurance!
*Note: This does not apply to whole or permanent life insurance policies, these are in effect until you pass away.
We at Tanner Insurance congratulate you on your retirement, it is well deserved. We also want you to know that although you may have many questions as you go through this transition, we are here to help with any of your insurance questions. Please feel free to contact us at 1-888-484-2467 and let us help you to answer your important questions and arrange the best possible insurance options for you.