Retirement Insurance: Definitions & Articles

What Is Retirement Insurance?

Unpredictable swings in the financial markets and dozens of other factors can have a dramatic effect on your life after retirement, especially when standard insurance policies like Medicare cannot compensate for the losses. Retirement insurance can protect your retirement income and well-being at a time of turmoil or when social security benefits are not enough.

Once you’ve bought an insurance retirement plan, you contribute a certain monthly amount to it in exchange for regular income when you are retired. Most retirement plans also include life insurance.

What Does Retirement Insurance Cover?

The governmental retirement insurance alone – that is, the retirement insurance benefits you are eligible for after the age of 62 if are fully insured under the Social Security System – may not be enough to provide you with adequate life, medical, disability, or long-term coverage, but such coverage can be provided with tailor-made retirement insurance coverage crafted according to your needs by one of the numerous U.S. insurance companies.

Your retirement insurance package can include all imaginable types of benefits, but that is your responsibility to choose the optimal package for you based on its price, value, and degree of risk. At the same time, it’s only logical to go for extensive retirement insurance and not subject yourself to unnecessary risk at an advanced age.

How Much Is Retirement Insurance?

It’s impossible to accurately calculate the cost of retirement insurance since it depends on dozens of factors. However, since the average annual health cost for a 65-year-old retiree is about $6,000 excluding the cost of long-term care, it is clear that retirement insurance coverage can save you tons of money.

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Cruise Insurance: Safety and Peace of Mind on Your Dream Vacation

Whether you are a seasoned traveler or it’s your first cruise, the right cruise insurance will help you to get the peace of mind needed to relax during your voyage. Learn more about cruise insurance in this easy-going 5-minute read.

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The Complete Guide To Senior Travel Insurance In The US, UK, AU

If you are a senior traveler planning your trip to AU, you need to define your needs and consult with several travel insurance companies.

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COBRA Insurance: Extend the Group Plan When You Are Between Jobs

Employer’s Benefits: Extend Your Health Insurance Losing or leaving a job can be stressful, especially as the pandemic continues to affect unemployment rates in the United States. In April 2020, COVID-induced layoffs continued across the country, causing over 6 million citizens to look for coverage during the unemployment period. Career decisions often depend on the benefits employers […]

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Cal-COBRA vs. Federal COBRA: Principal Differences and How Each Program Works in CA

Did you decide to leave your job but keep worrying about losing your group health plan? Getting another position sometimes means dealing with a short waiting period. The good news is that you can remain on your employer-provided coverage under COBRA. California residents get to use two types of continuation coverage: the federal version of […]

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Reduce Your Retirement Expenses with These 7 Frugal Suggestions

Get your personal finances in order before you jump into retirement. One vital component of a prudent monthly budget during your retirement years is to make sure you’ve eliminated unnecessary expenditures. From relocating to a more economical residence to analyzing your transportation needs, read the thrifty ideas below and explore the items where you can […]

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Dependent Coverage Explained: When It’s Time to Take Adult Kids Off Your Family Health Plan

Every parent is concerned about a child’s well-being and health. That is why it is common for parents to add their kids as dependents and provide them the much-needed security. But when the right time comes, grown-up kids have to be taken off their parent’s plan. So, when do adult kids age off their family […]

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An In-Depth Analysis Of “Pay or Play” Initiatives

Over 61% of Americans get their health insurance from their employers. In CT, it is estimated that 2/3 of residents get their health insurance from their employers (OHCA 2004 Small Employer Health Insurance Survey, 2004). Additionally, the majority of the uninsured in CT today have at least one person in the family working (79%), and […]

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