How Your Post-Retirement Lifestyle Affects Your Insurance Needs

Once you retire and begin living a vastly different lifestyle than you had while going to work day after day, many changes will come along concerning your financial picture.

Specifically, you need to take a closer look at your insurance needs. Since no two individuals have the exact same circumstances upon retirement, it is vital your insurance needs are tailored to help you and your family as much as possible. 

To formulate the best plan, keep these tips in mind.

Keep Your Life Insurance

Though it may be tempting to toss aside that life insurance policy you had for years, keeping it and making some changes may be a better option. 

For many retirees, life insurance policies are popular options for wealth transfer. Therefore, if you want to transfer wealth to your children or perhaps a favorite charity, you can now do so.

Maintain Your Health Insurance

Even if you are age 65 or older and eligible for Medicare, seek advice from US Health Advisors and take a close look at your medical insurance once you retire. 

If you are like some retirees and decide to take on a new job, you may be eligible for health benefits through an employer plan. Since Medicare does not cover 100% of medical costs, it may benefit you to use your employer insurance in some cases. 

If you stay job-free, purchasing a Medicare supplemental plan may be necessary. Everyone’s situation is unique after retiring, so it’s important to consult an experienced professional for advice.

Changes to Your Home Insurance

First of all, always choose to maintain your homeowner's insurance once you retire. If you don't and then suffer a large loss, the money to overcome this will likely need to come from your savings. 

Also, think about increasing your liability limits, especially if you want to add a swimming pool or do more entertainment at home.

Will You Need Travel Insurance?

If like many retirees, you plan on traveling around the world, you may want to purchase travel insurance for added protection and peace of mind. 

If you purchase this specialized insurance, make sure it includes coverage for medical emergencies and evacuations, and also covers trip delays or cancellations.

Now that you are retired and ready to start enjoying life to its fullest, make it as easy as possible to do so by having the absolute best insurance coverage in place. 

From making sure your medical bills are covered to protecting yourself with extra liability limits in the event someone gets hurt while on your property, planning ahead will be a smart decision.

4 Ways to Find Insurance Plans That Work for You After Your Retirement

Now that you're approaching your retirement, you find yourself making many plans for your financial future regarding Social Security and other areas. 

However, you should not forget to take a closer look at insurance plans as well. By doing so, you can protect not only your health, but also your home, family, and many other important aspects of your life. 

If you are now looking for insurance plans that will work for you after you retire, here are four things to consider.

Travel Insurance

Considered the number one goal of most retirees, traveling the nation and perhaps the world may be one of your highest priorities. If it is, consider investing in travel insurance. 

Along with providing coverage for any medical or emergency treatment you may need while traveling, it will also cover cancellations, delays, and other circumstances.

Lifetime Annuity

While you will hopefully receive a Social Security check each month after you retire, chances are it won't begin to meet your expenses. To make sure you don't run out of money, you may want to purchase a lifetime annuity. 

Able to be bought from an insurance broker, it allows you to pay a certain premium in exchange for getting a predetermined amount of guaranteed income for the rest of your life.

Combination Life Insurance

If you want to have both traditional life insurance coverage and also have the security of long-term care insurance, it might be a good idea to invest in what is called a combination life insurance policy. 

Though generally more expensive than traditional life insurance policies, they usually provide many benefits that may become important as you age. Since most seniors spend well over $100,000 on long-term care after retirement, keep this option in mind when speaking to your insurance agent.

Supplemental Medicare Insurance

As you know, Medicare does not pay all of your medical expenses. Since you will still need to pay 20% of your medical expenses after Medicare pays its share, this can add up to thousands of dollars very quickly. 

If you want to avoid this problem after you retire, it is best to purchase a supplemental Medicare insurance policy from your insurance company. 

While this can reduce your costs to almost nothing, it can be very confusing figuring out which policy is best for you, which is why you should turn to an experienced insurance professional you can trust.

By choosing to be proactive prior to your retirement and getting these and other types of insurance in place, you can make your golden years more enjoyable than you ever imagined.

The More You Know: Knowing Which Insurance to Buy When Travelling Abroad

It can be a difficult thing looking for insurance, but taking the time to ensure you purchase the right plan can save you money in the long run. Travelling and insurance can be even more complex as you’ve got to consider the local laws, health systems and how comprehensive and portable your medical coverage is. 

Travel insurance can make things simple, but what if short term cover is not appropriate for you?

This article, by leading international insurance broker UAE Medical Insurance, explains what your health insurance options are when heading overseas and why one may be more appropriate than others, depending on your needs. 

Travel insurance

If you’ve ever travelled before, you’ll know a thing or two about travel insurance. It’s the most common product offered to anyone travelling overseas and is generally cheap and simple. Your typical travel insurance benefits will include:

• Flight cancellations 
• Travel delays 
• Emergency medical expenses, or necessary medical evacuations 
• Repatriation costs 
• Accidental death and dismemberment 

Travel policies are often better for short term travellers, normally covering up to 3 months but some insurers can provide travel coverage for up to 12. 

The added advantage of travel plans is that they cover you for things such as lost travel documents and flight delays, however the health benefit components are generally less comprehensive. The main aim of travel plans is to get you healthy enough to return home.

The other advantage of a travel plan is that they are often the least expensive health coverage option when abroad. 

They’re readily available from most airlines and travel agents who can add the cost to your whole booking fee, and include the documentation with your tickets. Keep in mind that travel plans often exclude pre-existing conditions, charge more for certain regions of the world, and don’t reimburse you if you cancel your trip. 

Local healthcare coverage

Relying on the local healthcare system of the country you’re visiting can be a mixed-bag, and really depends on the type of system the government provides:

• Free, state funded health cover 
• Compulsory state provided insurance 
• Optional or mandatory private medical insurance coverage 

Some countries, such as the UK, can provide tourists with fantastic medical coverage at virtually no cost (through its nationalised NHS system). 

France’s Couverture Maladie Universelle is paid through compulsory deductions from employee wages, so working expats can attend healthcare facilities like a French national would. Finally, countries like the US and Dubai, legally require you to hold private medical insurance for entry.

If you’re a mid-to-long term traveller, purchasing a health insurance plan from the country you’re based in can make more sense. 

They’re like purchasing cover in your home country and can come with a range of comprehensive benefits from inpatient and outpatient care, to vision, dental and even maternity coverage. Local plans will be more expensive than travel plans and will often only cover you for the country you’re in.

Many of you enjoying travel in your later years will also need to be aware that some insurers will either increase the premium for older customers, or may even flat out deny coverage altogether (retirees in places like Nicaragua will find it impossible to find local insurance). 

Pre-existing conditions can be difficult to find coverage for, and you’ll also want to consider the state of the health system in the country you’re in.

International medical insurance

International medical plans are the most comprehensive form of insurance you’ll find on the market, however they do come with a hefty price tag. They’re designed especially for longer-term expats, both working and retirees, and can include the following benefits:

• Extensive medical coverage both in your home country and abroad 
• Options to add dental, maternity and wellness benefits at an extra cost 
• A wider choice of private and semi-private hospitals, medical staff and care options to choose from 

These plans are the most useful for travellers as they will often act as one policy that can cover nearly all of the countries you can think to visit. 

This can make for a lot less stress when booking trips and heading to other places, and you’re often guaranteed to have access to the best healthcare facilities and professionals available in a country should you need it.

Older travellers will find international insurance plans to be the most flexible out there; allowing you to tailor your coverage and benefits to something that best suits your needs. 

Insurers will be more open to accepting applications containing pre-existing conditions, however you should always be clear about what coverage you need when applying.

Author bio: Choosing the right option for you

Nobody knows your situation and needs like you do, but it can be a good idea to talk things through with an insurance expert. Broker UAE Medical Insurance (UMI) has been providing high quality health insurance to expats both in the UAE and around the world for more than 15 years. Their expert team strive to deliver fantastic insurance solutions with exceptional customer service.

To find out how the UMI team can help you save money on your insurance needs abroad, contact them today!

How to Survive Travel in Your Retired Years – With a Dependent

Travel Guides (Photo credit: Vanessa (EY))

For most retirees, freedom from watching over little ones while at home and abroad is what puts the golden in “golden years.” While caring for dependents has its own personal rewards, isn’t getting away from that sort of responsibility what retirement is all about? 

Unfortunately, retirement doesn’t mean absolute freedom from caring for dependents for many retired individuals. This can be complicated enough at home, but it doesn’t need to impede on the dreams of most retirees to travel the world. To make caring for dependents while overseas more manageable emotionally and fiscally, here are a few reminders anyone can follow.

1. Take the risk out of traveling abroad with proper insurance

While traveling abroad, you and your dependent will be exposed to all sorts of new and exciting places and events. But the unintended consequences of travel can be dire, too. Considering that young children and elderly adults are among the most vulnerable to physical injury and disease, it’s more recommendable for these travelers than anyone to invest in traveler’s insurance.

This form of insurance can cover accidents, illnesses, disablement, return of a minor, and even overseas ceremony expenses in the case the worst happens. Make sure that your provider is very familiar with the region that you’re traveling to; when traveling to the Carolinas, for example, it would be prudent to get coverage from Charlotte insurance agents rather than European providers.

2. Find activities that will keep both of you entertained

Most conflicts that happen between travel partners in any trip results from a conflict of interests. Naturally, limited time in exotic locations can leave travelers feeling pretty divided on the best way to spend time abroad. This might seem to be even more exaggerated between young children and their elderly caregivers. As difficult as it can be to compromise, making accommodations for any dependents in your party is necessary (because no child will ever, ever behave themselves in a country club or art museum.)

Finding common interests and making the most of your journey is one way to approach attending to their needs. Spending time on your various flights to brainstorm some potential destinations together can work wonders down the line. If there is another caregiver in your party, taking shifts to experience things individually might be the best approach in making sure that you can make the most of your trip without compromising too much to provide care.

3. Always have a back-up plan for when compromise won’t work

While it’s comforting to think that there will always be something available for a child to keep themselves busy while you enjoy traveling, you might find that compromise isn’t always possible. Keeping activities readily available with you in order to make traveling more entertaining for children could be a good alternative; but while portable game consoles and coloring books might help wile away a few hours, engaging your dependents more meaningfully about their travels will help them enjoy the more “boring” aspects that they might otherwise prefer to avoid.

If you’d like to see a museum, become your party’s own tour guide. If you’d like to enjoy local cuisine, become your group’s taste tester. You don’t need to be an expert; rather, engaging your children as a cooperative learner as you explore new environments and experience new things can provide a world of perspective for children to take in their surroundings more meaningfully.

Having them take notes and learn from their journeys will not only actively engage them in the traveling experience, but it might garner their appreciation of traveling and of the world as a whole. And while traveling should certainly be more about “you” in your golden years, there are few lessons that match that importance.

Travel Insurance – Your Best Companion Abroad

A large number of people forget to take a very important item when formulating plans for the holidays and that is travel insurance. It is a holiday essential that safeguards the individuals and their families from the unexpected events that they might face in their trip. Without the proper travel insurance, there is every possibility that the individuals might expose themselves to some kind of financial risk and lose out considerable amount of money. This could really lead to the disaster vacations devoid of any fun and enjoyment. Here are a few prominent reasons why an individual planning a tour with their invaluable family members must consider taking travel insurance:

Illness and Injury

Anything may happen to you or the members of the family while on the holidays. Especially when you are travelling in a foreign country, there are chances that your immune system might not be very strong and you may catch cold or flu immediately. If you or a prominent family member happen to meet with an accident, then in such a situation, best medical attention is required. In some of the cases, hospitals do not provide care to the patients unless they have a travel insurance or significant amount of cash up front. It is imperative that you must stay protected by taking travel insurance for families and have a stress-free trip. 

Lost and Delayed Luggage

It cannot be denied that travelling is very stressful as it takes long hours to reach a particular destination. The problem becomes all the more worse when the luggage gets lost or delayed due to the negligence of the airlines. It is certainly a worrying situation as you are not able to start your tour because the precious personal belongings have been lost and there is nothing to wear. However, having an international travel insurance means you can claim a reimbursement for the invaluable items that have been mishandled.

Weather Delay and Natural Disasters

After boarding a airline plane, you find out that the flight has been cancelled in between because of the bad weather and you will be required to stay overnight at the airport hotel. What is worse that you figure out that the airline does not provide a cover for your accommodation and your luggage is in transit. In some of the extreme cases, the airlines do not reimburse the expenses arising due to the weather delay or natural disaster as it is not within their control. It is true that the bad weather conditions occur frequently all over the world and due to this many vacations are affected because of flight cancellation. Having an excellent travel insurance means you get an optimum coverage for the delayed or the cancelled flights due to the bad weather.

A very important point that should be noted here is that you should always focus on getting best travel insurance for a renowned company. There is no point of all getting this particular kind of insurance without undertaking a proper research work and suffering inconvenience during the trip. For making sure that you get a right insurance you can either devote some time towards researching online or take the help of an experienced agent to make sure you grab the right insurance according to your needs and requirements. If you are too pre-occupied with your work and do not get leisure time to do the research work, then you also have the option of taking the services of the travel concierge company. A travel concierge besides getting you a perfect insurance can also help you a lot in variety of things such as the arranging flight tickets, booking accommodation and completing other important formalities.

Having travel insurance provides a great peace of mind and lets you and your family members enjoy the worry-free holidays.

Be Proactive By Taking Travel Cover Before You Board on a Flight!

Most of the people get very excited whenever there is travelling involved, business or holiday. At anytime, there are options to explore newer avenues of business along with the place as well when in a new destination. However, in excitement if people decide to forgo one of the most basic needs of travel insurance, it is more than just a blunder. At many times while travelling, it is the prime requisite to travel well-covered but it is not the only benefit you are getting. It depends upon which package you take, for how long and for how many people, individual or combined (in case of family or travelling business colleagues / partners). 

Here we will be focusing on the benefit one gets by getting family travel insurance.

In the event of Cancellation 

Let us start with the first and most basic positive outcome that comes with having this special cover. Due to any reason like some mishap in home or destination country or with the family or travel partners, you might have to cancel the whole trip. As a result, money put in getting the flight / charter bookings, accommodation reservations, transportation, etc will go waste. Exactly at this point, you save few hundred-thousand dollars by getting a suitable travel cover. Just don’t forget to know about the exclusions of your policy. 

Belongings’ Concern 

There is no question of not having any baggage while on a business or family trip. What happens if they get stolen or lost? You get reimbursed (partially if not fully because of the overall limits to the amount) with the insurance. The limit will be decided on the basis of what all the items were there in your bag are and how you have made the claim. There always remains the issue of saving receipts if you want the reimbursement. 

On the wrong side of Law 

You or your family members or another person accompanying you might never have thought of getting entangled in litigation's on a stranger land but sometimes things just happen. Having travel insurance might safeguard everyone under the cover from (some if not whole of) the cost involved in legal battles you will have to become a part of consequentially. 

Health Insurance- An Added Advantage 

Standard health insurances generally exclude travelling from the policy while giving cover only in the home country. So, in case you fall ill or get injured during flight or on reaching the destination, if you have taken this consideration, your health is also covered under the insurance coveting travel. Contacting your travel consultants is highly suggested so that you take care of all the aspects of such cover. 

The Entrance of Third party in the Scene 

Here, being subjected to any kind of claim is the main concern. In case someone or his property gets damaged by you (even if accidently), you are faced with claims that you have to deal with, like it or not. So, being prepared with liability insurance as a part of the cover you will use while travelling is the best way. Being proactive never hurts. 
All the above reasons are sufficient to convince anyone for getting a cover whenever on a go. Are you? 

About the author: 
Marie Ballu is an active blogger who is fond of sharing her views on insurance to help people secure their precious items. She has also presented many guest posts on travel insurance for family, ski travel insurance and much more.

Accident While on Holiday? Tips for Your Insurance Claim

(Photo credit: Wikipedia)

Most people don’t think of what might happen if they become ill or have an accident while on holiday. Travelers may find that their insurance does not cover them when they travel away from home resulting in their insurance claims being denied. 

No one wants to have an accident while on a holiday, but it does happen. When it does you may not be able to gather information at the scene that will help in getting your insurance claims paid. The most important thing is to get treatment if you are seriously injured and not worry about anything else. 

PAPERWORK 

Get a copy of the accident report filed by the police department and submit it along with your claim, keeping a copy for yourself. Keep copies of everything when submitting a claim for holiday accidents so that you have a back-up if the insurance company says they never received the information. Keep track of any calls you make to the insurance company about the holiday accident claim. Write down the date of the call, the person at the agency that spoke with you and a summary of the phone discussion. If any of the claim is denied and you did exactly as the agent told you to do on the phone, and you can prove you did what you were told. If at all possible, send a photo of the accident with the claim. If the accident was caused by stopping for a cow in the road, take a cell phone photo and send it along with the claim. Also send any written information that was gathered from witnesses and other people that were involved. Never sign anything given to you until you read it through completely. 

EXCEPTIONS 

A holiday claim for an illness occurring in another country, state or province, might not be covered completely. Some providers may not take insurance coverage from someone that comes from another region or country. Even within the United States, a person that has insurance in Pennsylvania might not be totally covered when traveling on holiday to Texas. The providers may be considered “out-of-network” and the policy holder will have to pay more for using them. Contact your insurance company before traveling to find out where you can go to receive service in the vacation region. This will go far in getting claims paid quickly and completely. 

TRAVEL INSURANCE 

Many insurance companies provide temporary travel insurance to those on holiday. This eliminates all worries because the insurance is specific to an area and conditions of the holiday site. It also pays for transportation home if a holiday accident occurs. This is especially important when travelling overseas, but even those traveling within their own country may consider travel insurance. Purchase travel insurance for the activities being done on vacation. If you are injured deep sea diving in the tropics and this was not something covered on the policy, it will be hard to get the claim paid. Having the right type of insurance while traveling is essential to having a wonderful, care-free holiday, and keeping documentation of the accident or illness will go far in making your claim go through much easier. 

David a retired UK teacher advises using irwinmitchell.com for any holiday accident claims or illness that happens whilst traveling abroad.

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