Your insurance checklist after turning 65
Medicare enrollment, reduced auto insurance needs, and life insurance reviews are all on the agenda at 65.
What changes with your insurance
Turning 65 triggers the most significant insurance transition of your life. Medicare enrollment begins, and the choices you make during your Initial Enrollment Period affect your coverage and costs for years. Your auto insurance rate may actually decrease slightly in your early 60s as you move past the higher-risk young-adult years, though it gradually increases again after 70. If your children are financially independent and your mortgage is paid off, your life insurance needs may have declined significantly. Now may be the right time to evaluate whether to continue paying life insurance premiums.
What you might be overpaying for
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Overpaying for unnecessary life insurance
If dependents are grown and mortgage is paid, the original reasons for life insurance may no longer apply. Review whether the premium is still justified.
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Missing Medicare Part B enrollment window
Delaying Medicare Part B without other qualifying coverage triggers a lifelong 10% penalty per year of delay. Enroll during your Initial Enrollment Period.
Frequently asked questions
Frequently asked questions
This is an estimate for informational purposes only based on national and state averages. Actual rates vary by insurer and individual circumstances. For an accurate quote, contact a licensed insurance agent.
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