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Ask Me Anything: Simplifying Retirement Insurance for You

Retirement Insurance

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You have got to admit it, all of us go through our working years thinking of all the activities/enterprise that we will undertake during retirement. We plan our retirement with utmost carefulness; consulting experts and creating provisions via various retirement accounts (IRA, Roth IRA, 401k etc) for the golden years.

Retirement Insurance: Expectations vs. Reality

However, it is seen that most of the people while planning their retirement miss out on the key part altogether and that is getting their various needs insured, simply put, retirement insurance choices.

Many retirees don’t change their plans because they get deterred by the hustle involved and risk the misalignment of their needs and inclusions.

Consequently, this lack of foresight curbs the chances of retirees to live their golden years the way they have always wanted.

Retirement is Not All Sunshine And Rainbows 

During retirement, streams of income are usually fixed and limited. Many retirees may choose to work, freelance or volunteer depending on their orientations.

However, they may not have enough flexibility of expanding their income as they have prior to their retirement; health concerns and other constraints.

Is There An Anatomy of a Great Retirement Insurance?

Retirement choices depend on life choices and there can’t be a one size fits all kind of a solution for it. You may choose to live in an assisted living kind of setup or you may live with your extended family.

In the latter case, a term insurance which benefits your dependants if you kick the bucket early. All in all, below are the insurance choices that you should consider for retirement:-

1. Travel Insurance

Travelling across the globe is perhaps the favorite choice of retirees. Jetting off with the bucket list which has been built over the years, not being chained by work pressure, not being obliged by taking your kids out for a carousel ride etc.

You are not bogged by anything in the retirement and this unchartered freedom is often channelized into trekking the globe and rightly so.

We are not indestructible, better get that straight

But often times, the unquenchable thirst of travelling the world makes people forget that they are not invincible. Travel enthusiasts need to realize that they need an insurance cover before heading out to unravel the mysteries of the world. An ideal insurance cover would shield the travelers against all possible contingencies.

The contingencies could include (but are not limited to) epidemics, breaking out of the war, natural disasters, theft of passport or other valuables such as gadgets etc, injuries, health concerns etc.

You need a travel insurance more than ever

The need for a travel insurance cover increases manifold in retirement primarily because of the health factor involved (you know that you tend to lose the edge as you age).

However, choosing the right insurance cover which aligns with your needs and is suited to the nature of your travel; backpacking, Safari, adrenaline pumping or historical tour in cityscapes etc, is anything but easy to find.

An ideal insurance cover include:-

  • Covers most countries
  • Covers electronics, gizmos and gadgets
  • Covers injuries and sudden diseases
  • Twenty-four-hour emergency services
  • Covers lost, damage or theft of belonging like important documents and so on.
  • Covers cancelations, for example, accommodation, flight, and other transportation on the off chance that you fall ill or have a sudden demise in the family, or some other crisis
  • Covers if a war breaks out in the nation traveled to, and so on

Another major concern with Travel Insurance is that a great majority of them work only under U.S jurisdiction. So if you happen to venture out of the U.S, all your indemnities whether expressed or implied run null and void.

World Nomads has got you covered

World Nomads is one of the most trusted travel insurance providers of the world. It offers great room for customization and covers every single type of travel (be its foray into the wilderness of Alaska or an excursion into the Amazon).

The inclusions run wide from loss or theft of a camera or MasterCard to evacuation if all hell breaks loose in the country you are travelling to.

The best part is that claims process is very easy and the customer care executives are very humble and agile. The support team tackles your grievances (although chances are low that you will have one) quickly.

Go, check your options with World Nomads here.

2. Medical Insurance

If you are employed then chances are high that your employer (compliances make it mandatory these days) must have got you covered via group health insurance plans.

An if you aren’t employed and approaching your seniors year, then it is best advised that you buy a medical insurance because the cost will increase manifold after you cross the mark of 60  (particularly if you aren’t insured).

Obamacare has turned things around

With the implementation of Obamacare in 2014, things have changed because the law requires almost everyone to have a medical cover. Thanks to the judicial activism of Uncle Sam, it’s hard to find a person who is not insured.

Insurance for retirees (excluding voluntary retirees) is not usually a concern as a vast majority of them have grandfathered their policies.

However, there are some intricacies involved which should be taken care of prudently:-

  • Seniors of age 65 or older are qualified for Medicare. Seniors who are still working may be covered through an employer and it is acceptable to feel complacent about it. However, experts suggest that Medicare may not always be the best option and more often than not it makes sense to go for a private insurance cover.
  • Medicare imposes a mandatory penalty on those enrollees who don’t opt for Plan B and Plan D despite of being eligible. However, seniors who are insured via their employers may be exempted from such penalties.

Want more inclusions? You are in safe hands

So, if you are inching towards seniority or are a senior and haven’t grandfathered your insurance plan, chances are that you would want an extended plan which complements the inclusions covered under Medicare.

If this is the case, then look no further than Health Plans of America. Health Plans of America is not an insurance provider but it is the finest organization to get insurance quotes which are tailored to your needs.

Whether you are graduating, self-employed, employed, a senior or maybe someone who is inching towards retirement, you can get a quote which best fits your needs, thanks to the exclusive filters of the website.

These are the types of extension plans (alongside others not mentioned in this piece), that you can find on the site.

  • Medicare Advantage Plans

Medicare Advantage Plan option is much like HMOs which are ascertained by Medicare and carried by a private insurer. The costs of these plans are affordable as the insurers get whopping subsidies from the government to execute these plans. Advantage plan covers all parts of Plan A (Hospital Insurance) and Plan B (Medical Insurance).

This implies that the Advantage plan incorporates all inclusions which are included in original Medicare covers. Various advantage plans can, however, charge money directly for few heads like copayments, coinsurance and deductibles.

  • Medigap Plans

Medigap Plans, as the name would suggest are designed to bridge the coverage gap in Medicare benefits. They are run by private parties and these plans work a supplemental program which provides inclusions that aren’t covered under Medicare. Before buying a supplemental insurance (the case applies to seniors), one should have a Medicare Part A and B.

Medigap policies are renewable which means you just have to keep paying premiums and the insurance company will be bound to indemnify you according to the terms and conditions of the original contract.

  • Drug Coverage

Anybody who is on Medicare (Part A or Part B) is qualified for medication inclusion (known as Part D) paying little heed to salary. Physical tests are optional. You can’t be denied for health concerns or on the grounds that you as of now consume a great deal of physician endorsed drugs.

You should enlist in one of the private protection plans that Medicare has endorsed. Some work across the country, others just in specific geographies of the nation.

Wherever you live, you can get medicate inclusion in two ways: Through “independent” plans that offer just medication inclusion. Or then again, through Medicare Advantage plans that cover both therapeutic administrations and physician recommended drugs.

3. Car Insurance

You may find no reason to puff up your chest or might think of yourself as someone who is growing weaker by the day amid retirement. You may adapt to a lifestyle of domesticity.

You may surrender to the fatigue which creeps in after a tiring day but when you are behind the sterling wheel feeling the thump; engine roaring at the press of an accelerator, you time travel to your younger days.

Once a hustler, always a hustler

At this instance, there is no one who has got a hotter blood flowing in his/her veins. There is something about driving cars which made you a real badass then and it brings out the beast in you now. You never really fall out of love with swooshing through the streets, or do you?

Not all drivers are the same

However, your car insurance needs may differ in your senior years. You may not have to commute in the rush hours, honking your car through the city traffic and squeezing the juice out of your wagon’s clutch plate mercilessly.

Everybody’s need is unique; some drive 20 miles to their office day by day, some rarely drive their vehicles and they sit truly wearing a cover of dust in their carport for a considerable length of time.

Some are imprudent drivers; some drive their autos with delicacy. Some go on an undertaking with their autos swooshing through the toughest terrains, while some get their vehicles body-washed daily.

How could there be a widely inclusive sort of auto insurance coverage which covers the need of everybody?

There are many things to consider such as premium rates, inclusions and ease of claims process etc. Finding the best insurance cover could prove to be exhausting. This is why we have done half the job for you.

We have handpicked the best auto insurance providers which offer you the luxury of customizing your insurance covers. Here they are:

The Zebra

One common mistake which most car purchasers commit while choosing auto insurance is that they don’t compare policies.

It is a daunting challenge to browse through all the available options on the internet and weigh all car insurance providers on a fixed criterion, that’s why we suggest visiting The Zebra

The Zebra is the biggest car insurance lead company in the U.S which enables you to get multiple quotes at the same time.

At The Zebra, all your auto insurance needs are addressed. It asks for your postal codes since the insurance premiums differ from area to area and also the model year of your car since it is the biggest influence in deciding the final quotes.

Why you may like The Zebra:

  • Numerous individuals don’t know how to get cheaper quotes for auto insurance. Luckily, there’s a service like The Zebra.
  • Spare time and cash in a matter of minutes


Most drivers grumble that they don’t get enough mileage on the vehicle yet at the same time they need to pay a higher premium for their insurance coverage.

It is safe to say that you are one of those. Nowadays pay-per-mile is fast becoming ubiquitous.

This type of vehicle insurance enables the clients to pay based on miles they drive. Clients are now sparing several dollars on pay-per-mile insurance covers.

The idea of pay per mile is basic: you pay for what you drive. The rationale behind it goes well too: the more you drive, the additional time you are out and about and the more shots you have of getting hit (having a mishap).

All things considered, there aren’t great deals of guarantors that offer this sort of cover. We ought to examine pay per mile insurance further.

Pay-per-mile shows the way

Pay-per-mile vehicle protection works by using an in-vehicle device that tracks the number of miles you drive every month in order to choose your rate.

Your insurance plan will charge you a base rate notwithstanding a for every mile cost which will be used to register your premium. Your base rate contains standard rating components, for instance, your driving history, age, sex, and vehicle.

Metromile is one of the pioneer companies that offer insurance quotes on Pay per Mile basis. It keeps track of your miles by giving you a gadget called Metromile Pulse.

This device connects to your auto’s analytic port. While a few people fear the infringement of their privacy with gadgets that track their GPS (Uncle Sam sneaks into your bedroom anyway), the Metromile Pulse doesn’t compromise on the integrity and confidentiality of your data that it collects.

The targeted niche for such covers is low-mileage drivers. Conventionally, other non-driving factors, for instance, your age and FICO evaluation have a more noteworthy measure of impact than the time you’re on the driver’s seat.

It’s high time that you get an auto insurance quote via Metromile.

4. Life Insurance

What most people don’t comprehend is that life insurance is an asset; to provide a consistent income to make possible a tax-free retirement.  Also, pay for your long-term care if you become ill (God forbid).

The common inhibition which we all have even after a lot of prudent planning is that we may get strapped for funds amid our golden years (which may not remain golden in that case).

What no one tells you about Retirement Insurance

When planning your retirement, you should keep two things in mind: First, that your retirement could be longer than what you would have thought. Second, your savings will be banked upon for two lives (your spouse and not just you).

When the home starts to empty-out

If your kids have left the abode to find their callings, you are likely to become a lone wolf and you can think of downsizing as a prospective option in that phase of the retirement.

You may even consider canceling or revising some or all of your life insurance policies and find out what retirement insurance policies bode well for you.

This is where you need to contemplate that what all policies will have value in your retirement and how those values can be realized.

The ultimate purpose of buying an insurance policy

When you purchase your policy, you intend it to function as a tool which protects your dependant if you kick the bucket, or if your other income streams dry up. However, it is still sane to think that you will still need that protection amid your retirement.

You might have to pull up your socks again

Most of the retirees choose to work again for many reasons; for socializing, volunteering and more often than not to add another stream of income. If that supplementary income stream is important to make your ends meet, you can continue to give the same protection to your dependants (like you have been doing before retirement) with the same policy.

Your policy can likewise supplant your pension, which could be reduced or omitted completely in case of your demise. The case with Social Security Benefit is no different either. When you are resting in your grave, your spouse will receive the higher of the two benefits Social Security or Pension and other will be frozen.

Life is all about choices that you make

You have two options to choose from when selecting a life insurance policy, Whole life insurance (the conventional one) and term life insurance.

Term life insurance is a substitute for permanent life insurance since it is less expensive and has a limited time frame.

In term life insurance, the consumer assigns a beneficiary. In the event that the consumers bid farewell to this worldly abode amid the term, the beneficiary gets the policy amount from the insurance provider.

The term life insurance policies have for the most part been unbending, paying little notice to what you need to cover.

If you were allowed to strike out or add inclusions, it took a long time and it was penalized and other expenses were charged.

Things have eased up

Today, there is a better strategy to manage your modifications. A way that gives you more flexibility, keeps you from postponements and costly charges and gets you coverage that is specially crafted to your necessities.

Allow us to introduce you about Ladder.

Ladder offers a life insurance that is adaptable to the circumstance and can be balanced by the real happenings in a buyer’s life. Along these lines enabling individuals by vesting in them the ability to control their coverage and cost as time goes on.

As coverage rearranges all over, the premiums likewise shift in converse extent. The ladder has enabled individuals to apply for more inclusions, decrease the coverage at fingertips that too with no additional expenses. Therefore empowering the clients to take control of their finances.

The other perks of having a life insurance policy

There are a few different ways life insurance policies can prove to be useful in your retirement:

Tax-Avoidance: If you bought a permanent insurance item, at that point you’ve been adding money for the whole time you’ve had it, and it has been developing on a tax-deferred premise.

The profits earned are viewed as an ROI of the premiums you’ve paid and are only taxed if the profits surpass the premiums paid. You won’t be required to settle any taxable expenses until the point that the strategy is surrendered.

Life Annuity: Many bearers will enable you to surrender your permanent policy and utilize the money to buy a life annuity item. This could prove to be a good option, expecting there are no real tax ramifications.

Cash Value: When you have a policy that incorporates a money estimation, your family will just get the demise advantage and not the estimation that has been building in the arrangement.

It could be useful for you to utilize that worth amid your retirement. You can spare money that too tax-exempted if the sum taken is not as much as what you paid in.

Anything over that would be taxed. You could likewise borrow up against it and have the credit and interest reimbursed from the benefit after you bite the dust.

5. Long-term Insurance

Long-term insurance is for someone who expects the nest to be emptied out and might have to live in an assisted living setup or nursing care.

Long-term insurance fund your needs when you become dependent on others and get partially or fully bed-ridden (that is how life is).

What if you have to walk alone?

Long-term care is often insured by life insurance providers who offer it as a rider, thus skyrocketing the premium rates but its importance cannot be undermined.

From home modifications to chairs for especially disabled people to daily nursing/medication and therapies etc can all be funded via long-term care insurance.

The best resort for empty nesters

Caringforaparent is perhaps one of the most compassionate assisted living and nursing care providers. With a talented pool of professionally trained and empathic nurses, GPs and physiotherapist, Caringforaparent is known for its spirit of service and know-how in the nursing domain.

The amount of experience and expertise that Caringforaparent offers is exceptional and this makes for a reliable shoulder to count on for aged people.

If someone in your family needs such serious care, please visit Caringforaparent now and explore new possibilities for the betterment of your elders.

6. Home Insurance

Homeowners and renters insurance indemnify against the loss of belongings and assets and also provide liability coverage. Seniors who have precious jewelry, costly masterpieces art or other priced items may have to add a rider to their existing policy to completely ensure such things.

Traditionally, homeowner and renters had to settle for rigid policies which didn’t cover their prized possessions and even if some tweaks were allowed, they used to cost a bomb. However, Lemonade has changed things for the better. 

Taking the insurance world by storm

Lemonade has brought a renaissance to the home insurance and renters insurance policy by bringing highly customizable policies for the consumers.

The process of signing up is as easy as you would like and you don’t have to soak up hours talking to an insurance agent. You just have to download the app and ‘Maya’ the bot will guide you through the process of buying an insurance cover.

The claims process is not hectic either, you just have to upload the video of the broken or damaged entity describing what had happened. Then Jim (the bot) will start processing your claim right away.

Lemonade also has a good social-angle. After taking its fee and funding various provisions (financial cushion), it has money left over for claims or to donate to charities chosen by each customer.

If you own a house, then you should definitely visit Lemonade to safeguard all your valuable assets. With Lemonade,  you can rest assured that no danger of theft, damage, robbery or any calamity is looming over your head.

Visit Lemonade here.

The ultimate insurance concierge

Gabi is your e-concierge who helps you find the right insurance for anything and everything. Through its hi-tech algorithm, Gabi ensures that you find the insurance option which is best aligned with your needs. Gabi does this herculean task in just a couple of minutes. Whatever your insurance needs may be, Gabi will help you steer clear of all mess in life.

The more you sweat when young, the less you bleed when old

As you grow old, your priorities will change alongside your life insurance needs. The best way to handle these changes is to proactively work with a professional to formulate a strategy that will help you attain your goals.


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