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Reply to "Approaching Retirement at 65 - What kind of insurance do we need or not need?"
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[quote=Anonymous]to answer OPs question: if you have a fixed term policy with a fixed monthly payment, it's probably best to keep it until the end of term and then let it expire. when you lose employer-sponsored health insurance or turn 65, you likely will want some sort of medicare supplemental/medigap plan-- NOT a medicare advantage plan. You will also need to sign up for a medicare Part D plan. if you can easily set aside $25k or so per person for funeral expenses that would be the way to go; prepaid or funeral insurance generally require the provider to remain in business for as long as you live. not really a good bet these days. LTC insurance is expensive and also struggling and a lot of plans are going bankrupt, you'd be better off putting what that monthly payment would be into a savings or investment vehicle. [/quote]
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