Insurance - Retirees

Could you maintain their lifestyle if something happened to you?

The reassuring thing is you're already insured for whatever life has to throw at you, and it still can, so it makes sense to retain your insurance to protect you and your loved ones financially.

On the family front, your children have grown up and probably have their own lives and families to focus on. You've stopped work altogether or maybe you're working part time just to keep yourself active.

Whichever approach to retirement you've taken, now is your time.

Time for you and your spouse/partner to focus on the things you've been planning to do once you retire. It could be a specific hobby you're passionate about, reducing that golf handicap or taking an overseas trip. Whatever the pastime, you can now enjoy the lifestyle you've worked so hard to achieve.

But how would your spouse and family cope if something happened to you and there wasn't the financial means available to maintain your new lifestyle?

Would you need to take extra from your retirement savings while you recover - which might limit your retirement long term? Or would you need help from your children

Keeping your insurance up to date with your changing circumstances and needs is the foundation of any good financial plan now and in the future. It makes it easier to keep your lifestyle and all your hard-earned cash even if the worst were to happen.

How would you manage if something happened to your son or daughter and you had to raise your grand-children?

If something happened to your adult son or daughter and they weren't insured, you'd want to make sure your grand-children were looked after financially.

Whether you became the legal guardian or played a supportive role, without insurance, the financial burden could fall on you which could have major implications on your retirement income.

So while talking to your adult, self-sufficient, child about their financial obligations may be difficult, you owe it to yourself and your grand-children to start the conversation as soon as possible and encourage them to take out insurance.

Or maybe you can pay for it yourself if they can't and you have the resources.

Are your grown up children insured?

It's never easy taking to your grown children about what might happen to them and the impact this could have on their financial obligation to their family if they weren't around to support them

It's an important conversation to have as it could not only have serious implications for your children and their family but if they're not insured, it could also place a heavy financial burden on you and your retirement plans.

The best laid plans can come crashing to a halt if one of your children is permanently disabled or diagnosed with cancer and they don't have any insurance they can rely on.

So while talking to your children about their financial obligations may be difficult, you owe ot to yourself and your grandchildren to start the conversation as soon as possible and encourage them to take out insurance

If they can't afford insurance, you may have the funds to purchase it on their behalf.

What would you do if you had to put your retirement plans on hold?

Your family have grown up and now have their own lives and families to focus on.

So it's now time for you and your spouse/partner to focus on the things you've been planning to do.

It could be a specific hobby you're passionate about, reducing that golf handicap or taking an overseas trip. Whatever the pastime, you can now enjoy the lifestyle you've worked so hard to achieve.

However, if you became seriously ill or injured, what would happen to you and your spouse financially?

Would your retirement plans, including that overseas trip, be put on hold?

Would you need to take extra from your retirement savings while you recover - which might limit your retirement long term? Or would you need help from your children

The reassuring thing is you're already insured for whatever life has to throw at you, and still can, so oit makes sense to retain your insurance to protect you and your loved ones financially.

Having insurance in place and keeping it up to date is a key component of a good financial plan. It makes it easier to keep your retirement plans in place, supporting you financially while you focus on your recovery, if something unplanned were to happen.

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