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Insurance after retirement: What you need to know
Your lifestyle changes when you retire. Those changes can have an impact on your insurance—and even save you money! That’s why it’s important to go over all your policies. Here’s a cheat sheet to help you navigate them.
Home and auto insurance when you are no longer working
There are always ways to save on your home and auto insurance, whatever your age or circumstances. Driving less now that you’re retired? Moving to the country? These changes can translate into savings. You can also save:
- If you bundle multiple policies with the same insurer (car, home, life)
- If you’re a member of a professional association, organization, club, etc.
- If you haven’t made any claims recently
- If you have a car alarm or home security system
- If you have a water detection system for your home
Shop around for your insurance. Get at least three quotes before making your selection:
We also have some tips for saving on your car insurance premium.
Liability insurance in retirement
Liability insurance is included in your home insurance policy, whether you’re a tenant, homeowner, or co-owner. Civil liability insurance can vary widely by insurer. Ask whether you have enough coverage to ensure your investments won’t disappear like snow in the spring the next time something bad happens. For example,
- While travelling abroad: Your liability insurance will cover any water damage you accidentally cause in your hotel room or a condo you rented in Florida, as well as any ski collision lawsuit.
- At home: Say you’re babysitting your grandchildren for a few hours. If one of them hurts a playmate or hits a baseball through a neighbour’s window, you’ll be liable if you (or any of your grandchildren) are found to be at fault. That’s where your liability insurance comes in.
Life insurance, even after retirement
Usually the purpose of life insurance is to protect your loved ones after your death. A few months before you retire, talk to your advisor to go over your coverage. Should you increase your current premium or add term life insurance? You have a number of options, even after age 60!
If you had life insurance as part of your group insurance plan, it will end when you leave your job, unless you take steps to convert it into an individual life insurance policy. The premium will be calculated based on your age. If your health has deteriorated, there are still options to protect your loved ones. Some life insurance policies do not require a medical exam or questionnaire, such as guaranteed issue life insurance or specialized coverage that starts when you leave your employer’s life insurance plan. Take the time to shop around for life insurance. If you’re not sure what to do, talk to a qualified advisor for guidance.
Travel insurance, a must at any age
Planning the trip of your dreams? Flying south for the winter? Insurers have products designed for retirees and snowbirds, like annual insurance policies that cover all your travel for the year, or insurance for long stays. Family rates are also available for multigenerational trips.
One thing is certain: CAA-Quebec recommends you don’t leave the province or the country without good travel insurance that covers emergency medical care and, ideally, trip cancellation and interruption insurance. Because you never know what could happen. Our Annual Plan covers you all year long, regardless of how many trips you take, and includes free emergency telemedicine calls even from home. This is especially helpful if you used to have such a service through your group insurance. Read these tips too:
Accident insurance when you retire
Retirement gives you the time and freedom to enjoy your hobbies in any season and anywhere in the world (motorized sports, ATVs, snowmobiling, hiking). But anyone can have an accident, even if you’re careful. CAA-Quebec accident insurance is valid in Quebec or abroad for people under the age of 65. It provides financial protection for you if you’re accidentally injured, and for your loved ones if you die in an accident. This coverage is usually affordable and is an excellent supplement to other types of insurance, such as life insurance and government plans.
- Why buy accident insurance?
- Sports and outdoor activities: Don’t head out without insurance!
- Accident insurance: The perfect supplement to public plans
- Winter sports: How to protect yourself from costly accidents
- Renovations and home safety: Proceed with caution!
Health insurance
Health insurance can be seen as an extension of your old group insurance, offering access to diagnostic services in private clinics (and faster service), semi-private hospital rooms, and assistance programs. It also rounds out Quebec’s public health insurance plan (RAMQ), reimbursing for ambulance trips (before age 65).
Retirement is a time of big change in your life, but it probably won’t be the last. Speak with your insurer(s) again whenever you have a big life event, whether it’s a move, a new RV or cottage, renovations, travel planning, or a new grandchild.
Have questions or concerns about this new stage in life? The Assistant, our exclusive service for CAA-Quebec home insurance policyholders, can help you with this and more!