Insurance and Finance

Insurance for the Next Chapter

By Paula Felps 9.24.14

Retirement is accompanied by many changes. In the midst of so much change, it’s important to remember to review your insurance policies — because they may change too. Make sure you’re taking every step when researching insurance for the next chapter of your life.

“If you are hitting the age of retirement and you carried coverage through your employer, you need to make sure your health and life insurance continue,” says Jeff Whitt, Texas Farm Bureau Insurance agency manager in Hunt County. “Most people are not covered after they leave, so you need to get with your current agent and go over the options that they have for you.”

Priorities and coverage needs can change significantly upon retirement, and making sure you’ve gone over your plan thoroughly with an agent can avoid any unwanted “surprises.” Robert Dobbs, Texas Farm Bureau Insurance agency manager in Kaufman County, says that it’s a good time to review coverage and ensure you’re set for the next stage of your life.

“You need to make sure you at least have a small life insurance policy to take care of funeral expenses and things like that,” he says. “We look at things like, will you owe estate taxes, and how much will they be? You want those to all be covered.”

Another consideration is auto insurance. “You might get a cheaper rate when you aren’t driving to work every day,” Dobbs says. “A lot of things can change when you retire, so you need to sit down with your agent to understand what kind of coverage you have and know what kind of coverage you are going to need.”

If you’re nearing retirement, schedule some time with your agent for a 360 Review®. It’s the perfect time to look at the big picture and make sure all of your insurance needs are up-to-date.

Coverage and discounts are subject to qualifications and policy terms, and may vary by situation. © 2014 Texas Farm Bureau Insurance