Retirement and insurance: what you need to know
Your lifestyle change in retirement can affect your insurance and even save you money. That’s why you need to shop around for your protections. Here is a cheat sheet to get there.
Auto and home insurance when you're no longer working
Retired couple shopping for insurance
At any age and at any time in your life, it is possible to save on your auto and home insurance. Have you traveled fewer kilometers since you retired? Are you moving to a rural area? These changes can translate into savings just like:
If you combine several insurances with the same insurer (auto, home, life);
If you are a member of a professional association, organization, various club or others;
If you do not have a recent complaint;
If you have a security system (car or home);
If you have a water detection system (in the case of home insurance).
Shop around for your insurance. Ask for at least three quotes before making your choice:
How to prepare for a home insurance quote
How to prepare for an auto insurance quote
Also discover our advice to save on your car insurance.
Liability insurance at retirement
Liability insurance is included in your home insurance policy, as a tenant, owner or co-owner. Liability insurance can vary a lot depending on the insurer. Ask him if you have enough protection so that you don't watch your investments melt like snow in the sun if something goes wrong. Examples?
When traveling in Europe or elsewhere: your liability insurance will cover both water damage that you unintentionally causes in your hotel room or your Florida rental condo, as well as the possible prosecution of the person with whom you accidentally entered in ski collision.
At home: Do you have custody of your minor grandchildren for a few hours? If one of them injures a child who came to play with them or smashes a neighbor’s window while playing baseball, you will be held liable to the extent that it is proven that you (or your grandchild) were at fault. It is your liability insurance that will come into play.
Life insurance, even in retirement
Life insurance is normally used to protect your loved ones after your death. A few months before your retirement, plan a little discussion with your advisor to review your coverage. Will you need to increase your current premium or add term life insurance? There are many insurance options available to you, even after 60!
If you had life insurance included in your group insurance, know that it will end at the same time as your employment, unless you take the necessary steps to convert it into individual life insurance. This premium will be calculated according to your age. If your health has deteriorated, you should know that there are still options to protect your loved ones. Some life insurance policies do not require a medical examination or questionnaire, such as guaranteed acceptance life insurance or specialized protection that covers you as soon as you stop participating in your employer's life insurance plan. Take the time to shop around for your life insurance. If in doubt, speak with a qualified counselor who can guide you.
Travel insurance: essential for all ages
Planning the trip of your dreams or wanting to escape the cold winter weather? The insurers offer various suitable and advantageous products for retired travelers or snowbirds, such as annual insurance that covers all trips for one year or insurance for long stays. Family rates are also offered for generational travel.
One thing is certain, CAA-Quebec recommends that you do not leave the province or the country without good emergency medical travel insurance and ideally with travel cancellation and interruption insurance. Because you never know what can happen. Multi-Trip Insurance provides year-round protection no matter how many trips you take, plus free virtual emergency medical assistance (telemedicine), even when you're at home. This is particularly interesting if you no longer have access to this service which was included in your group insurance. Also read these tips:
Healthy travel in retirement
Travel assistance: help when you need it
Retirement accident insurance
Retirement gives you the freedom and time to practice certain activities (motor sports, mountain biking and snowmobiling or even outdoor hikes),
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