Review Your Insurance Policies and Long-Term Care Plans Before the Year Ends

December is a time for reflection and planning—making it the perfect opportunity to review your insurance coverage. For retirees and those nearing retirement, this isn’t just about tying up loose ends; it’s about ensuring your policies align with your needs and provide the security you want heading into the new year.

Here’s a streamlined guide to help you evaluate your coverage, protect your financial future, and avoid costly surprises.

1. Review Your Life Insurance

Life insurance is not a set-it-and-forget-it policy. As your circumstances evolve, so should your coverage. Ask yourself:

Do you still need the same level of coverage? If your mortgage is paid off or your children are financially stable, you might need less.
Are your beneficiaries up to date? Family situations change—ensure your policy reflects your wishes.
Does your coverage support your legacy goals? If leaving an inheritance or funding a cause close to your heart is important, verify that your policy matches those intentions.

If you have a term policy nearing expiration, consider options like converting it to permanent coverage or adjusting to better suit your current stage of life.

2. Check Your Health Insurance

Healthcare costs can be one of the most significant financial challenges in retirement. If you’re on Medicare or private insurance, this is the time to ensure you’re in the right plan:

Does your plan meet your healthcare needs for 2025? If not, consider switching during open enrollment.
Are there any new expected costs? Review premiums, deductibles, and copays to ensure your budget can handle changes.

If you’ve been putting off healthcare coverage adjustments, now is the time to act.

3. Evaluate Your Long-Term Care Plan

Long-term care costs, whether for assisted living or in-home services, are a growing concern for retirees. Ensure your policy provides sufficient coverage and review benefit triggers so you know what activates your policy when you need it.

No LTC policy? Look into hybrid options that combine life insurance with long-term care benefits for added flexibility.
Already covered? Confirm your policy limits and consider updating to reflect local care costs.

Starting now ensures you won’t pay more later due to age or health changes.

4. Revisit Property and Casualty Insurance

Home and auto insurance may not seem like major concerns, but a closer look can save you money and protect your assets.

Update dwelling coverage. Rising repair and rebuilding costs might mean your policy isn’t sufficient.
Bundle policies for savings. Combining home and auto insurance can reduce premiums.

Protect valuable items. If you’ve acquired new assets this year, consider adding a rider for additional coverage.

5. Address Supplemental Coverage

Think beyond the basics to cover unexpected risks:

Umbrella insurance. Provides additional liability coverage that extends beyond your standard policies.

Travel insurance. If you’re planning trips, this can safeguard your plans and health while abroad.

Take Action Now

The end of the year is a deadline for many policies and open enrollment periods. Reviewing and adjusting your coverage today ensures you start 2025 with peace of mind. These proactive steps can protect your retirement savings, enhance your financial security, and prepare you for unexpected events.

Make 2025 Your Most Secure Year Yet!
Schedule a call with us today to review your policies and long-term care plans. Together, we’ll ensure your retirement stays on track and your financial goals are met. Click here to get started.