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Senior Years & Empty Nesters


As an empty nester whose children have recently left home or as senior citizen, you're probably familiar with the basic facts about insurance. However, your needs at this stage of your life have likely changed significantly since you first purchased an insurance policy. For example, at this stage of your life, you may be planning to sell your home and retire to a new area, considering long-term care coverage or evaluating whether it makes sense to purchase an annuity. In addition, as a senior you may now qualify for certain discounts on your auto and homeowner's policies. To be sure, there are many important insurance decisions to consider during this phase of your life, making this a good time to re-evaluate your needs.

Auto Insurance

From the ages 50 to 70, you have racked up heaps of driving experience and are some of the best drivers on the road. During this period, you may find insurance companies will discount rates or offer incentives to older drivers. Past 70, however, driving abilities change and rates will once again increase. If you are driving less or have children over the age of 18, alert your insurance company, as these situations will often lower your rates. There are also refresher courses available for senior drivers. This too, will often lower your insurance premiums. For more information about auto insurance, check out our web site or go to InsureU.

Home Insurance

With the kids out of the house, now might be a good time to think of downsizing. Renting or purchasing a smaller living space can save you money while allowing you the independence to move around. If you have accumulated a lot of possessions, consider purchasing an umbrella policy to protect you assets. Remember, you are liable for any accidents that happen on your property. Be sure you are covered. For more information about home insurance, check out our website or go to InsureU.

Life Insurance

Now is the time to reevaluate whether the amount of life insurance you carry is more than you need. Review your policies to determine if any events have happened that may allow you to lower your coverage. Be sure to update your beneficiaries and understand when you can start withdrawing money from certain accounts without penalty fees being assessed. For more information on life insurance, check out our website or go to InsureU.

Health Insurance

As you age, health insurance considerations become paramount. There are many issues you must deal with, including children who no longer need coverage, determining if long care insurance is still necessary, figuring out any disability coverage needed, and, most important, setting up Medicare. There are many resources available around your community if you have questions about Medicare. Senior centers are often a great place to start. If you are over 65, you should start figuring out if Medicare is sufficient for you, or if you need to sign up for the Medicare Advantage plan. Also, Medicare Part D is an important subject as it assists with medication bills. Check out the information about health insurance and Medicare on our web site  or go to InsureU.

Take the Test

When you have finished your insurance research, take the InsureU Quiz to double-check your knowledge.