What Insurance Will I Need In Retirement? 
Retirement doesnt change the nature of many risks faced by an individual . If you operate an automobile you will want sufficient insurance to meet any anticipated loss . It is important to remember that when you experience an uncovered loss and are retired the money to cover that loss will come from your retirement savings in most situations . Be sure to carry the highest possible liability limits . Consider an umbrella policy . If you own a home you will want sufficient insurance to protect valuable assets against loss . This is also a good time to increase the limit of liability insurance because a lawsuit could ruin your retirement plans . As people age they tend to acquire inherited property . That property needs to be reviewed and insured as appropriate . There are few of us that actually outgrow our need for life insurance . Our death is going to have a financial impact on those we love . To that extent consider permanent insurance . Single premium life insurance can play a particularly helpful role in paying final expenses but also can be used to establish bequests . Many retirees carefully protect their savings so they can pass something to their heirs . It might be beneficial to establish those gifts through life insurance and thus be able to spend freely the money that remains . Life insurance is also needed if the death of one spouse will have a serious impact on the retirement income of the survivor . Sometimes it is appropriate to select a life income option on a pension plan or annuity and then purchase life insurance to make up the loss of survivor benefit . Many retirees are concerned about charities and life insurance is a wonderful way to handle those interests as well . The most ominous issue for most retirees is long term care . Studies show that these expenses are one of the top concerns among retirees . With the increase in longevity comes an increased possibility of having a long term care need . Considering long term care insurance in a retirement budget is important . Health tends to decline , not improve with age . One option available is to take advantage of the Health Savings Accounts typically offered by employers who are enrolled in their companies high deductible plans . This tax incentive allows the individuals to contribute with pre-tax dollars and enjoy the gain on investments held in the account tax-free . Employers are often linking the HSA to the retirement program which helps employees understand that they can use the account to accumulate money for their medical needs in retirement . Some people will accumulate a substantial amount . Since these funds are not subject to required minimum distributions at seventy and a half they can continue to increase in value until needed . Because Medicare doesnt provide complete medical coverage most retirees purchase a Medigap supplemental insurance policy from a private insurance company . State administrators are involved in the coverage that these policies provide and sometimes in their pricing . Another form of insurance available to seniors is longevity insurance . This is effectively a deferred income annuity which isnt means tested until age 85 . Traditional Long term care insurance should not be overlooked . While the cost is subject to a great deal of debate the alternative is to assume the risk personally . Hybrid life and annuity policies can provide long term care coverage under certain conditions . In retirement expenses continue and retirees are often called upon to select between their own needs and the wants and desires of heirs . Anything that can be done to fence off expenses can make difficult decisions easier . 