Insurance you'll still need in retirement

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Retirement Insurance Company
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Insurance you'll still need in retirement
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Once you're retired, you typically don't need
disability or life insurance to replace your
wages. You'll be living off other sources of
income your savings, any pensions, Social
Security (with some exceptions -- more on that in
a moment). However, you really need to keep some
policies in place even after you quit working.
These include Liability insurance. You don't
want to get to Retirement Insurance Company only
to be wiped out by an unexpected lawsuit.
Liability coverage pays the costs if you cause an
accident, your dog bites someone or you're
otherwise found at fault for injury. Financial
planners typically recommend having liability
coverage at least equal to your net worth and
preferably twice your net worth.
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Trial attorneys will typically settle for the
amount of your coverage if you're adequately
insured. If you're not, they'll be motivated to
go after your other assets. Your retirement
fund savings are safe from creditors' claims, but
other assets -- including some or all of your
home equity, depending on state law -- are up for
grabs. Liability is part of your auto and
homeowners' insurance, but the limits on your
coverage may be too low. If so, consider
adding an umbrella or personal liability
policy that kicks in once your other coverage is
exhausted. The first 1 million of coverage
typically costs around 300 a year, with the next
million costing about 75 and a third million
50, according to the Insurance Information
Institute.
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Health insurance. Medicare provides health
insurance for the vast majority of people 65 and
over, but the federal government program covers
only about 60 percent of retirees' health care
costs, according to the Employee Benefit Research
Institute. Health care spending eats up 15
percent of the typical Medicare recipient's
household spending, and EBRI calculates that a
65-year-old couple with median drug expenses
would need 234,000 in savings just to have a 50
percent chance of having enough to cover health
care costs in retirement. If you don't have
employer or retiree health insurance to
supplement Medicare, you might want to consider
buying one of 10 available Medigap plans offered
by private insurers.
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Life insurance. You need coverage if you still
have people financially dependent on you, such as
minor, special-needs children or a spouse who
wouldn't be able to pay the bills if you died.
You also may want a policy if your estate is so
large that it would owe estate taxes (currently,
estates worth more than 5.43 million). If that's
the case, talk to an estate-planning attorney who
can help you minimize taxes and find appropriate
coverage.
Source http//www.cbsnews.com/news/insurance-you
ll-still-need-in-retirement/
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