When you retire, your insurance needs will likely change. Review your existing insurance and think about any new coverage you might need now that you’re no longer working.
Four questions to ask yourself
1. Do you still need life insurance, and if so, what kind?
You’re no longer earning an income, but will your savings be enough to support any dependents when you die? Also, if you had insurance when you were working, what will it cost to replace?
Find out how Olga and Oscar changed their insurance at retirement.
2. Will your insurance cover final costs after you die?
This can include funeral costs, and any probate fees and taxes.
3. Do you have enough insurance on your home and car?
If you’re not working, you need to make sure your insurance can cover any emergency costs like damage to your home or car. Unexpected expenses can be hard to cover when you’re on a fixed income.
4. Do you need health insurance for travel outside the country?
If you’re planning to spend winters in another country or to travel more, make sure you’re covered in case something happens to you. Learn more about travel health insurance.
Going south for the winter? Globe and Mail columnist Rob Carrick talks to adviser Terry Ritchie about insurance for snowbirds.
Content in this section is provided in partnership with Investor Education Fund, a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help Canadians make better money decisions. To find out more, go to: GetSmarterAboutMoney.ca
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