By this time in your life, you’ve saved for many years and signed on to some the best plans out there to protect you and your loved ones from sudden, money-hungering situations. Even with these forms of protection, one could still find themselves financially stumped if not careful.
For instance, unpredictable events might occur that’ll result in a lawsuit. Having umbrella insurance could be a pocket saver because it provides additional protection. With umbrella insurance, one could protect possessions such as home and auto when they’ve reached their primary insurance limit.
Another point worth considering is the effect of insurance lapsing. Allowing insurance to lapse could cause a world of trouble later than sooner. It can be very tempting to cut back on insurance payments if you are not using the insurance, never missed any payments, or trying to save money; however, continuing payments rather than allowing them to lapse is cheaper than making full payments during losses.
One of the best steps to guarding your retirement savings is checking and updating your policies. There are numerous events that unfold during a person’s life-especially within 5 to 10 years, such as failed relationships. If one isn’t careful, their benefits could go to a participant from a failed relationship. Therefore, it’s wise to go back and check on policies after events like death, losses, and divorces.
Even at 60:
-You can still face a lawsuit.
-You still need insurance
-Your policies need updating
The lesson in it all is to never say never. You’ve worked hard for your retirement savings. Protect what you’ve earned.