Try the Insurancewide MotorWizard

As you approach retirement it is important to sort out all your financial requirements. Below is a list of the insurances you should think about on retirement.

Car Insurance: If you drive a car you are legally obliged to have car insurance. Insurance premiums tend to fall as you get older up to the age of sixty and then start to rise again up to the age of 75. Insuring drivers over the age of 75 is a specialist function and some car insurance companies offer more competitive car insurance quotes for the older generation of drivers.

Always remember to shop around for car insurance quotes before renewing your policy to ensure you find the best deal. Remember to inform your insurer if your annual mileage is going to fall in your retirement as this may reduce your premium further. If you previously had your car insured for commuting to work inform your insurer this is no longer the case and you should see your premium fall.

If you are about to leave a company car scheme, a new insurer will class you as not having driving record with them and you may not be entitled to a no claims bonus. When you leave the company car insurance scheme obtain a letter from your insurer to support your driving record.

Home Insurance: Whatever stage in life you are at your home is likely to be one of your most important assets and therefore it makes sense to protect it. Buildings insurance will protect the structure of the property as well as the permanent fixtures and fittings. Contents insurance provides protection against the loss of or damage to your possessions as a result of fire, theft and flooding. Always check that your contents are insured for the correct value and that any items of high value are individually named on the policy. If your possessions amount to more than £50,000 then consider a specialist house insurance company. In retirement it is more likely that the house will be occupied for all or part of the day; some insurers will offer lower premiums if this is the case.

Travel Insurance: If you are planning to celebrate your retirement by travelling abroad remember that it is important that you take out travel insurance to cover you should disaster strike. In the unfortunate event that your luggage gets lost or you are taken ill, without travel insurance you could find yourself financially out of pocket. If you are going to be travelling several times in a year an annual/multi trip travel insurance policy could be the best value. Remember to pick up an E111 form which will give you access to medical benefits in Europe. This form will not however act as a replacement for travel insurance. Unlike other insurances travel insurance premiums tend to rise sharply when you are 65 or over. Insurers argue that there is greater risk of falling ill overseas and incurring large medical bills. Before you purchase a travel insurance policy the insurer may require a full medical history to ensure the correct premium is applied.

Life Insurance: If you are approaching retirement it is highly likely that you have had life assurance in some form but a lifestyle change can trigger a number changes from financial, health, and national benefits to travel requirements. Your life insurance will have been calculated based on your lifestyle while you were working and would have taken into account your income, mortgage, retirement needs, children's education, and the value of assets you wished to accumulate.

The majority of these criteria will no longer be applicable so reviewing your requirements will probably save you some money as well as take into account your change in lifestyle making sure you buy the right product for the right price.

Looking at your existing cover when approaching retirement is important, as there are a number of factors, which will influence your next financial step. If you had life insurance provided by your employer it will expire when you retire so having life cover when you retire is important. Check with your Human Resource department about the current level of cover you receive and what will happen when you retire.

Health Insurance: In the UK the NHS has primary responsibility for the population's medical requirements but private health insurance will ensure you receive swift and adequate medical attention right through until you have made a complete recovery. Such a degree of care and attention is usually regarded as being beyond the capabilities of the NHS.

You will be more than aware of your increasing health requirements and hopefully you would have taken the wise pre-caution of taking out a private medical insurance package at an early age. If this is something you have not previously considered due lack of available funds, lack of knowledge, or just thought it didn't apply to you now is your time to change. The private health system is your best chance of receiving constant medical attention until you have recovered rather than intermittent medical help that may leave you incapacitated for several years while you sit on the NHS waiting list.

Many larger companies realise the value of Private Medical Insurance so if you are approaching retirement check with your company that the scheme will still be valid once you have left or retired. It is worth take the opportunity to look around and see what cover is available to you even if it is as a comparison to what you may have been offered under your corporate scheme. There are usually a number of policies available with different price ranges and all will ensure you receive the best medical treatment possible in the UK. If you are considering changing your insurance provider make sure that the new provider will accept responsibility for continuing treatment on past and existing medical conditions.

If you do not have access to a corporate scheme and are intending to rely on the NHS, before rejecting private medical insurance, you should consider that:

o More than a million people are now waiting to be admitted to hospital for NHS treatment.
o Half a million people who have been waiting for longer than 13 weeks to see a specialist before they can even join the waiting list.
o Despite constant government reassurance, public spending will need to increase dramatically year on year simply to meet the medical demands of a rapidly ageing population.