You're retired - can you get any insurance breaks?

Congratulations - you've just reached a new milestone in your life. You're excited, but a little apprehensive too. After all, you're not working anymore which means that you're likely looking to curb some costs if you can.

Most of your insurance needs have already long been taken care of. But this is a good time to give your personal protection plan a quick review. It could not only save you money, but set you up for the future.

• You could save money on your Auto Insurance
• It's still important to have Home Insurance
• You'll need some different insurance if you're a snowbird
• Life Insurance needs after retirement
• The possibility of long-term care

You could save money on your Auto Insurance

You have to make sure you give us a call and tell us about the changes in your life - retirement brings about some changes that could affect your Auto Insurance.

• If you're not commuting anymore, that means less mileage. And that means less time on the road so you have less exposure to risk from your insurer's point of view. If your car is no for 'pleasure use' only that can mean significant savings.
• Take a look at your deductible - the higher it is, the less you pay. So it may actually pay for you to increase your deductible. (Your deductible is the amount of money you pay after an accident, before the money from the insurance kicks in.)
• If you're wondering whether it's better to sell your older car or a car you barely use, give us a call. We can help you evaluate the situation and make a recommendation on how to save insurance dollars and still provide you with adequate protection. Don't drop your coverage before you talk to us.

What you don't want to do is leave yourself without adequate liability limits on your policy. You don't want to be held responsible for a sum of money that exceeds your policy limits. You want to make sure that you have your retirement funds to use at your discretion - not because of an accident.

We can help you set up a high-value insurance plan that makes the most of your insurance dollars and provides you with adequate protection. This isn't something you should have to worry about now - enjoy your retirement worry-free. Give us a call today 1-800-665-3259 for a free policy review.

My house is paid off. Do I still need Homeowners Insurance?

Absolutely! Yes it's true you're not reporting to a mortgage company anymore that yes, you do carry Homeowners Insurance, but you still need it in case something happens to your home, or someone while they're visiting you.

We're guessing that you don't have the money to rebuild your home after a total loss, so that means you want to make sure that you're still protected.

That's not to say you shouldn't give us a call for a free policy review. One of our Secure Insurance Solutions' brokers would be happy to review your policy to make sure that the value of your home, the rebuilding cost and the value of your personal property are still reflected in your policy.

I'm a “snowbird” - how do I need to set up my insurance?

Now that you don't have to report to work every day, you don't have to stay in cold Ontario all year round. You can stay up to 6 months a year across the border.

So you've decided to spend the winter in the warmer south. Now, you're probably wondering what happens to your house, car and property that you leave behind while you're there.

We can help you with that. Just call Secure Insurance Solutions and we can help coordinate your protection plan.

Homeowner's Insurance
You own a home in Ontario and you're thinking about buying a winter home in Florida. That triggers the question about which home is your primary residence.

Your primary residence is the residence that you spend most of the year in. If it's your home in Ontario, then that home needs to be insured in Ontario. We can help you with that.

If you buy a second home in Florida, then you'll need to buy insurance there from a company licensed to sell insurance in Florida.

We have a few things for you to remember while you're in Florida:

• Don't forget your home in Ontario. Your policy requires that someone checks your home frequently. Check on the expected visits with your insurance broker. You want this person to check that your property is safe and secure with no water damage.
• You should also have someone pick up your mail and cancel any subscriptions so that it looks like your home is lived in to deter burglars.

Auto Insurance
Let's continue to use our example of Ontario and Florida.

If you're driving down to Florida for the winter months, check in with Secure Insurance Solutions to make sure that your Auto Insurance coverage is enough.

If you're leaving your vehicle at home, you should make sure that you have enough coverage in case something happens to your car while you're away. Think about whether it may be used be a family member in your absence. If they get in an accident with your vehicle, you'll be held financially responsible.

If you purchase a car in Florida to keep at your secondary residence when you return to Ontario, make sure you obtain registration and insurance for this car in Florida.

Umbrella Insurance
If you carry umbrella insurance in Ontario, the policy will extend to cover the underlying policies no matter where you are in Canada. It doesn't extend to the U.S. while you're staying there. If you have any questions about your umbrella coverage, contact Secure Insurance Solutions today.

Health Insurance
When it comes to health benefits, if you're leaving Ontario for the southern U.S., you need to make sure you have Travel Insurance to make sure you have adequate coverage. Because the U.S. doesn't have the same health system that Ontario does, if you fall ill or become injured it's extremely expensive to get healthcare services.

At Secure Insurance Solutions, we can help you find the right Travel Insurance for your winter stay.

PLEASE NOTE: It's important to know that if you spend more than 7 months outside of Ontario, you no longer qualify for your provincial health benefits.

Do I still need Life Insurance after I retire?

Your 30-year term policy may be ready to expire. If you want to renew it have to go through a re-application process. Now that your mortgage is paid off and at least one of your kids is out of college, what major expenses do you have?

What if your spouse's retirement funds aren't as plentiful as yours? Would your spouse need some extra money if something happened to you?

The answers to these questions about renewing your policy aren't cut and dry. Everyone's situation is different, and that's why it will help to call an experienced broker at Secure Insurance Solutions.

Sit down and answer the following questions:

• If you passed away, would your spouse have to make significant restrictions to the current lifestyle?
• Are you currently working part-time? That would be more lost income.
• Are your debts paid off?
• Are your funeral expenses covered?
• Is your estate big enough to trigger a tax burden to your family if you died?
• What's the status of your retirement savings? Do you have enough savings to provide for your spouse for another 10, 20, 30 years?

When you answer these questions, you'll have a better idea whether you still need Life Insurance during your retirement years.

Make sure that you understand that Life Insurance rates increase with age. And if you're re-applying for Life Insurance, you'll have to complete another medical examination. You should be prepared for your Life Insurance to go way up.

You can save money on your Life Insurance renewal by purchasing the minimum amount of coverage for as short a term as possible.

If you have whole Life Insurance, you don't have to worry about any of this. It covers you until you pass away so you don't have to renew it.

A word of caution: Some people treat a Life Insurance policy as a savings plan for their beneficiaries. We don't recommend this - meet with a financial planner for ways to optimize the investment of your money.

Contact us today if you want more information about Life Insurance and the various options you have. We'd be happy to assist you!

What if… you fall ill and need long-term care?

While your retirement should be enjoyed doing all the things you finally have time to do, it's possible that you may need to move to an assisted living community or a nursing home. We can make sure that you get your affairs in order by considering Long-Term Care Insurance.

There are so many options of long-term care that are available to you nowadays. From hourly in-home health care help to full-time nursing home care and everything in between, you have options and each one of them has a varying price tag. It can cost anywhere from $8,000 per year to a hefty $72,000 per year for full-time nursing home care in some places.

Unfortunately, long-term care is not covered by Health Insurance. You're responsible to pay the expenses for assisted living or a nursing home. That's why we suggest Long-Term Care Insurance. It can protect your assets, your savings and your inheritance.

Our best advice: Start planning early so that the rates you pay are lower. Consider this: If you purchase Long-Term Care Insurance in your 70s, you might likely pay monthly rates that are six times higher than if you had purchased it in your 50s!

Here are a few things to think about:

• Consider chronic diseases and family history. If you rely on family members, don't just assume.
• If you have enough savings and assets to carry the costs, you may choose to self-insure rather than investing in a Long-Term Care Insurance plan. Check in with your financial planner and get quotes from several long-term care insurance providers years before you retire.
• If you're single you may be able to sell your home to finance long-term care. But what if you're married and only one of you needs a nursing facility. Then your living expenses double.

There's no easy answer. Every situation is different. But if you did some research and planned ahead your retirement will be a peaceful one, or an adventure - whatever you decide.

Give us a call at Secure Insurance Solutions today and we'll help you answer all your important questions so you can have a worry-free retirement when it comes to your insurance.