Insurance Options after Retirement in TexasInsurance plays an important role in your life no matter what stage of life you’re in. But the real challenge comes with managing your assets after you retire. Besides life and health insurance, your auto and home insurance are important to maintain during retirement.

Auto Insurance

Mature drivers are some of the safest on the road. They have fewer accidents and tend to drive safer cars. Your insurance company may give discounts to safe drivers between the ages of 50-70, so be sure to ask. Bear in mind that statistics show that older drivers also have higher rates of fatal crashes based on miles driven. In fact, more so than any other group except very young drivers. As an older driver, you should expect to see your rates begin to rise. Many states mandate discounts for seniors who have successfully completed driver refresher training. The AARP, for example, offers one such state-certified program.

If you’re a senior driver, it’s good to know that you are considered among the most experienced drivers on the road. Being mobile and getting around is important to you, especially if public transportation is not readily accessible. Yet, as a group, older drivers, particularly after the age of 70, are involved in more serious accidents and more vulnerable to injury. It should be an individual and family decision when it is no longer safe to get behind the wheel.

Home Insurance

Unlike auto insurance, where the state sets minimum coverage limits, the bank that holds your mortgage usually requires you to have homeowners insurance. Once you pay off your mortgage, it’s still important to have protection in case of fire, burglary, and natural disasters. Ask if your insurance company provides discounts for retirees, because you spend more time at home; take time to properly maintain your property; and take prompt action to correct small problems before they become big problems.

If you work at home, you may need a supplemental liability policy that covers your work-related activity. Consider also an umbrella policy to protect your accumulated assets. Real estate, securities, and savings could be wiped out by one lawsuit. Umbrella coverage adds another layer of protection above what is provided in your standard homeowners and auto policies. Generally, an umbrella policy is very affordable, and provides an additional million dollars or more in liability insurance.