Here you are, counting down the last days before you retire, after what seems like a lifetime of work, "climbing the ladder", and investing into your RRSP's and pension plans.  Congratulations!

Retiring is certainly one of the bigger milestones in life. And likely, excitement mixes with anxiety and apprehension. Is there going to be enough money? What are you going to do with all the new-found time? Among the many formalities that come with retiring, your insurance might not be the first thing on your mind. After all, the time to set up your insurance is usually long before retirement...

Still, as you take the plunge into retirement, give your personal protection plan a quick review: Adapting your personal insurance to your new lifestyle as a retiree could save you money.  Many people do not think about this, but there can be some potential savings, so call us to review all your policies.

What does retirement have to do with my auto insurance?

This is the time of life you’ve been waiting for! No more work. No more stress. No more clock-punching. And no more commuting to and from work!  You can awaken in the morning and actually enjoy that first cup of coffee!  Think about the the money you will save on your gas bill alone!

Unfortunately,  most people completely forget another aspect that might save you even more money: Your auto insurance!

If you are recently retired (or if your driving habits have significantly changed) give us a call so we can adjust your auto policy to match your new lifestyle. You can actually ‘lose’ quite a bit of money in higher payments if you retire and don’t call your insurance broker.  Here’s what to look out for:

  • If you no longer commute, you’ll likely drive significantly less than you used to. Less mileage means less time on the road and, in insurance terms, less exposure to risk. If the usage of your car drops significantly now that you use it only for pleasure,  you can take advantage of some savings on your auto insurance policy.
  • Adjust your deductible.  A higher deductible, could lower your monthly insurance payments. It may pay for you to increase your deductible. (Your deductible is the amount of money you pay after an accident, before the money from the insurance kicks in.)
  • If you have an older car or a car that you barely use, but hesitate to sell, give us a call. We can help you evaluate the situation and make a recommendation on how to save insurance dollars while still providing you with adequate protection.

As you re-evaluate your auto insurance during retirement, please be very careful to keep adequate liability limits on your policy. The last thing that you want to happen is to be considered "at-fault" in an accident and be held responsible for a sum of money that exceeds your policy limits. Don’t jeopardize your retirement funds and don’t risk having to return to work!

We can help you set up a high-value insurance plan.  One that makes  the most of your insurance dollars, provides you with adequate protection and peace of mind during your sunset years. You deserve to enjoy them worry-free! Give us a call today (506) 432-1550 for a free policy review.

Retirement and homeowner’s insurance

Your very last mortgage payment is coming up…and then the house will be yours! What an accomplishment! Now you are truly a homeowner. Call and discuss this with your broker as most companies offer a mortgage free discount!

The question is, now that you no longer have to report to the mortgage company (who requires you to carry homeowner’s insurance), should you still continue with your homeowner’s insurance?

Our answer: Absolutely!

It is very important that you continue to carry homeowner’s insurance.

It is true that a lender requires you to have homeowner’s insurance, and that requirement no longer applies when your mortgage is paid off. But unless you can easily afford to pay out of pocket for losses or even rebuild your home after a total loss, you should never consider dropping your homeowner’s insurance.

In addition, it is important to regularly review your homeowner’s policy to ensure that the value of your home, rebuilding cost, and value of your personal property are still adequately reflected. Call Pearson Insurance at (506) 432-1550  anytime for a policy review. We are happy to help you with this (And if your policy hasn’t been reviewed since you signed the mortgage documents, it is high time to schedule an appointment with us!).

I’m a “snowbird” – how do I need to set up my insurance?

Rain, wind, and snow? Ha! No longer for you! Since you retired, you have not only successfully escaped the 9-to-5 grind, but also the weather! Six months are spent in the mild summers of the Northeast, surrounded by family...and as soon as the dreariness begins, you board your car, RV, or plane, and escape to sunnier, warmer places for the winter months.

Yes, there’s a name for the folks who enjoy this lifestyle: Snowbirds!

The only question is: What happens to your house, car, and other property that’s here while you’re there?And, what happens with what is there while you’re here?

We can help you with that. Just give us a call, and we’ll help to coordinate the Here and There and Where and What for you, when it comes to your protection plan.

Unfortunately, things tend to get a little complicated when it comes to insurance plans that cross borders. To make it a little easier, let’s split this question up into various insurance scenarios:

Homeowner’s Insurance

So you are leaving behind the cold for a few months.  You need to contact your broker to find out what your responsibility is under your policy.  Call Pearson Insurance at (506) 432-1550 and discuss what you need to do to make sure your coverage is still valid.  Your broker deals with this every day and would be pleased to help you.

Auto Insurance

Are you going to park your vehicle and fly to the warmer environment?  Are you going to drive your car there?  Call us at Pearson Insurance (506) 432-1550 and we can advise you what you need to do.  

If you are driving down, you may want to add more coverage. If you are parking it for the duration of your trip, you may want to take certain coverage off.  Call your broker at Pearson Insurance and we can advise you on what is best for you.