6 Ways Retirees Can Cut Down Their Insurance

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3. Consider higher deductibles

Usually, most insurance policies offer a basic tradeoff between the deductible and the premium. And for those who don’t know, higher deductibles mean less coverage and lower premiums, while lower deductibles mean better protection but higher monthly charges. Keep in mind that a higher deductible means taking on more risk. What will you choose?

4. Re-evaluate life insurance

There comes a time in your life when you reach your golden age and you are ready to settle down. We are eagerly waiting for this, right? If your house is paid off and you have enough savings to support you and your spouse, then you might want to cancel the life insurance policy.

Take into consideration that if you die and this will affect someone financially, consider a permanent policy like whole life insurance to make sure this will cover your funeral and other expenses. If you plan to consider one, please talk to a financial planner first because the whole process can be complicated.

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