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Once you retire, there are many things you no longer have to concern yourself with, but insurance is not one of them. Having a well-designed insurance portfolio ensures you will get the most out of your retirement. Here are some types of coverage you should consider before and after your retirement:

Auto Insurance: After you’ve paid off your car, you may think having state-required minimum insurance is enough. But what if your car is stolen, totaled, or vandalized? If you don’t have the right insurance, you’ll have to use retirement money to replace or repair it. Something else you might find is that the state-required minimums for bodily injury and liability may be so limited that you’ll have to pay out of pocket for damages that exceed your limits.

Home Insurance: A goal of many retirees is to have their home paid off by the time they reach retirement. Some people believe once your home is paid off, the need for home insurance changes. However home insurance isn’t meant to protect you if you have a mortgage, it is meant to protect you. In the event something did happen to your home or belongings, you would have to pay for it out of pocket, which could cause you to dip into your savings for retirement.

Long-term Insurance: Not every retiree can complete everyday tasks such as showering and getting dressed. Once you begin to need assistance it might become necessary to hire an in-home nurse or move into an assisted living facility. Social Security and Medicare will only pay for some long-term care expenses. To avoid using your retirement funds to pay for your long-term care needs, you should have a supplemental long-term care policy with a fitting waiting period and daily benefit.

Life Insurance: In general, life insurance is thought of as a policy that helps the survivors of the policyholder. However with cash value growth available for tax-free loans, it could also help out with your retirement spending. If you’re concerned with leaving a legacy for your survivors, life insurance makes a way for you to do so, without having to cap your retirement spending.

Having insurance coverage allows you to preserve your retirement funds so you can continue to enjoy your retirement however you want. To discuss all the ways McAllen life insurance and other types of insurance can make your retirement more financially secure, give us a call at 888-296-0345.

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Raymond Longoria Insurance
2025 N Conway Ave
Mission, TX 78572
Phone: (956) 581-1034
Toll-Free: (888) 296-0345