During your retirement years, matters such as inflation, unexpected illnesses, and life’s general surprises can all affect how much retirement money you have.
To avoid these unexpected occurrences from deeply impacting on your retirement wealth, factoring insurances into your bottom line is a great option. You’ll need to consider the different types of insurances that you could need. Insurances to consider include health insurance, life cover, and travel insurance. Other types of insurance that you might need include home and contents insurance if you are still a home owner, and pet insurance if you have a pet. Additionally, your motor vehicle could be your mobile home as well as your mode of transport, and could be quite a large expense that needs to be considered when factoring insurance costs into your bottom-line.
Have you ever considered personal insurance to give you and your loved ones financial peace of mind should anything happen to you? This includes life insurance and total and permanent disability insurance. Contemplate how much would be needed to pay out your loans and debts if you passed away. Would you have enough to cover immediate expenses such as funeral costs? And could you leave an inheritance to your children? Also, if you weren’t able to work any longer due to total and permanent disability, insurance could be used to cover living expenses and medical costs.