I'm Going To Retire

You've finally made it. After a lifetime of hard work and climbing the ladder, you’ve reached the last few days before retirement. Congratulations on a job well done!

Retiring certainly is one of life’s most significant rites of passage. The excitement you’re feeling about the big event is probably mixed in with a bit of anxiety and apprehension. Did I save enough? What am I going to do with all this new-found spare time? Don’t worry – these thoughts and feelings are perfectly natural as you approach your golden sunset years.

With all this going on, insurance is probably the last thing on your mind. After all, that insurance mumbo jumbo was all set up long before you retired, right? Well, maybe, but as you take the plunge into retirement, it pays to give your personal protection plan a quick glance. Updating your insurance with information about your new status as a retiree may not only save you money, but it can set you up for the future in a big way.

What does retirement have to do with my auto insurance?

What a great time to be alive! Think about the things you no longer have to worry about: work, stress, clock-punching, commuting. Of all these former headaches, you just might miss the commute to and from work the least. No more mornings and afternoons stuck in traffic, adding unnecessary hours, stress and costs to an already overtaxed life. Now all that’s over.

If you’ve recently retired, give Killingbeck Insurance & Tax Preparation a call so we can adjust your auto policy to match your new lifestyle. If you retire and don’t let us know, you could actually be losing a significant amount of money each month. Here’s what to look for:

  • Now that you’re retired and don’t have to commute, you’ll probably be driving a lot less than you used to. When it comes to insurance, less mileage and time on the road means less exposure to risk. Many retired folks change their auto policy to ‘pleasure use,’ which translates into big savings each month.
  • Another great way to save money on your auto insurance policy is to enroll in a defensive driver class. You don’t even need to be retired to take advantage of this. Anyone 55 or older can take these classes, which are offered for a small fee by AARP as well as a number of other providers.
  • Adjust your deductible. As a rule of thumb, the higher the deductible, the lower your monthly payments.
  • If you have an older car that you barely use but want to keep, give Killingbeck a call – we can help you evaluate the situation and make a recommendation on how best to save. Make sure you never drop any coverage without calling us first.

As you update your auto insurance to coincide with your new status as a retiree, it’s important to make sure you keep adequate liability limits in place on your policy. The last thing you want is to be found liable for an accident and held responsible for damages that exceed your policy limits. If this happens, you may be jeopardizing your retirement and risking having to go back to work.

Killingbeck Insurance & Tax Preparation can set you up with a high-value auto insurance plan that provides you with adequate protection for the lowest possible price. You deserve to enjoy your golden sunset years worry-free – give us a call at (675) 452-8000 for a free policy review today.

Retirement & Homeowners Insurance

If you’re around retirement age, you may find yourself coming close to finally paying your mortgage off once and for all. Congratulations – you are now truly a homeowner! Even though you no longer have to report to the mortgage company, Killingbeck strongly recommends you continue your homeowner’s insurance policy.

While it is true that you are no longer required to have homeowner’s insurance once your mortgage is paid off, unless you can afford to pay out of pocket for losses to your home, you should never consider dropping your policy.

Whether you’ve paid off your mortgage or not, it’s always a good idea to periodically review your homeowner’s insurance to ensure that the value of your home and personal property are still adequately reflected in your policy. Give us a call anytime for a free policy review – we’re happy to help.

Insurance for Snowbirds

Since you retired, not only have you managed to escape the rat race, but the dreary weather that comes with the winter months as well. You’re a snowbird, and as soon as the unpleasantness begins, you pack your stuff and head to sunnier pastures for the winter.

The only detail remaining is the question of what happens to all your stuff (house, car, property) that’s here while you’re there. Unfortunately, insurance plans tend to get a little complicated when it comes to crossing state borders. For the sake of clarity, let’s split the issue up into various insurance scenarios:

Homeowners Insurance

Let’s say you own a home in Kokomo, Indiana, and are looking into buying a second home in Minnesota. This scenario will beg the following questions: Where is your primary residence? In which state should you get insurance?

You should always consider your primary residence the home you spend the most time in. In the scenario above, that would be the home in Kokomo, Indiana. This residence needs to be insured by a licensed company in Indiana. Once the second home is purchased in Minnesota, that residence needs to be insured with a company licensed in that state. If you are looking to find an agent outside Indiana, contact Killingbeck Insurance & Tax Preparation – we can recommend top quality insurance agents in all 50 states.

Auto Insurance

If you own one or more vehicles at your primary residence in Kokomo, Indiana, they will need to be insured in the state of registration. If these cars will not be driven in your absence, you have the option to pare down your insurance policy in order to save money. Give Killingbeck a call – we’ll give you the best recommendations and price quotes available for your situation.

If you drive your car from Indiana to Minnesota and use it there during the ‘snowbirding’ months, your Indiana auto policy will cover you while you’re away. However, if you plan on spending more than a couple months out of state, contact us so we can make the necessary adjustments to your policy to make sure it meets the other state’s insurance requirements.

If you buy a car in Minnesota that you intend to use as your primary vehicle during the winter months, you will have to obtain proper registration and insurance in that state. As always, we can help find you a local agent.

Umbrella Insurance

If you have umbrella coverage in your home state, you will be protected no matter where your travels take you. However, homes and cars purchased out of state will not be covered.

Health Insurance

Anytime you plan on traveling out of state, be sure to call your health insurance provider to make sure you’ll be fully protected wherever you go.

With all these topics to consider, retirement may not seem like that easy golden sunset it’s cracked up to be. But with a little research and planning ahead of time, you can make the transition into your well-deserved retirement with peace of mind. Call Killingbeck Insurance & Tax Preparation today at (765) 452-8000 and let us help you arrange the best possible insurance options for you.