Insurance Money matters

Insurance plans for retirement: consider these 5 things

Insurance for retirement tops the list of topics of interest for future retirees, according to our research with employees from Canada’s education sector.  And it’s no surprise—it’s an important topic.

Health and dental care costs can add up, but the purpose of insurance, as you no doubt recognize, is not only to cover those expected expenses. It’s to protect you if the unexpected happens.

What to consider when deciding about insurance plans for retirement

Here are five things to think about to help you decide about insurance for retirement. 

Whether your spouse’s plan can cover you

One of the first things to investigate as your retirement approaches is whether you can maintain coverage under your spouse’s plan if they’re not retiring. Ideally, their plan is a group insurance plan. This gives you flexibility upon their retirement to join another group insurance plan, like RTOERO’s, with automatic approval.

Also, consider surviving spouse arrangements. With RTOERO’s plan, your spouse will be able to continue as a surviving spouse after your death.

Your comfort level with risk

Taking no insurance for retirement is an option that some folks explore. Consider your risk tolerance to determine if this is an option for you. It’s true that health and dental insurance help to cover your everyday medical needs, but we have insurance to make sure we are protected if something significant happens. If you or your spouse become ill or is injured, consider if you could handle the financial stress if you weren’t insured.

Whether a group plan and having access to a community matter to you

As you look into insurance plans for retirement, you’ll see that they’re not equal. Most are individual insurance plans between you and the insurance company – you pay a fee, you get coverage, and that’s it. Members of the education sector developed RTOERO’s group plans as part of a bigger vision built around community and support for each other. And so, when you join RTOERO, not only can you join our group insurance for retirement, but you can access many other benefits. You can connect with your local district for volunteering, advocacy and social opportunities. Consider if being part of something more matters to you—one decision could help you accomplish multiple priorities for your retirement.  

Learn more: What’s the difference between group and individual insurance for retirees?

Whether you might want to move to another part of Canada

Some plans, like RTOERO’s, are national coverage, meaning you can relocate to another province or territory and still be covered. We like to point this out because we have had several members relocate in retirement, and our insurance easily moved with them.

How much do you plan to travel?

If you’re considering not getting retirement insurance, it’s worth looking at how much you plan to travel. Travel insurance is included in many plans, like ours, and so the plan value may increase for you depending on your retirement activities.

We suggest talking to friends and family members you trust to ask about their choices for retirement insurance. You can also use our insurance comparison checklist to get into the details of plans.  Our checklist is included in our retirement planning bundle, along with many other practical tools to help you with your retirement planning. Download it below.

Download the ultimate retirement planning resource bundle for Canadian education workers

We’ve packaged up our best retirement planning resources to
help you get retirement ready with confidence.

  • Retirement planning checklist
  • Template retirement letter
  • Your life by design ebook
  • Procrastinator’s guide to retirement
  • Esprit – our membership and insurance guide
  • Insurance comparison checklist
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