Empty Nesters: 4 Questions to Ask An Insurance Agent (2024)

The kids are gone. The house is quiet. Retirement may be within reach.

Your new chapter is just waiting to be written.

For empty nesters, making sure you’re properly insured and making smart financial decisions can help ensure that chapter unfolds as planned.

Ever wish you could just sit down and pick someone’s brain to make sure you’re on the right track? That’s just what our local ERIE agents are here to help you do. Making some small tweaks to your auto, home and life policies can help you set your course for those sweet, hard-earned retirement years.

Here are some of the right questions to be asking as you plan your future.

Questions to Ask Your Insurance Agent When You Approach Retirement

1. It’s been a while since we looked at our home and auto policies. What are the must-haves we should know about?

With your thoughts likely turning to checking off your bucket list and prepping for a comfortable retirement, you don’t need any roadblocks that steer your plan off course. That should start with making sure you have home and auto insurance aimed at effectively handling any major losses.

When it comes to your home, ERIE'sguaranteed replacement cost coverage¹can pay for the full cost of rebuilding your house back to its previous size and specifications after a covered loss – even if increased costs of labor and materials make construction more expensive than expected. Additionally, ask your agent about ERIE Secure Home Bundles, which offer ways to expand your protection beyond our standard homeowners policy for underground service lines, appliances and more.

Cruising into retirement with a new ride? Ask about the ERIE Auto Security²endorsem*nt. If you total a new car³that’s less than two years old, ERIE will pay to replace it with the newest model year. (In short, your car will depreciate, but your insurance doesn’t.) And if you’re looking for an affordable way to boost your auto coverage, ask about ERIE Auto Plus for extra features for just $35 (or less) per year.

2. We’ll likely be on a fixed budget in retirement. What can we do to avoid unexpected rate hikes?

Your ERIE agent can talk you through a range of potential insurance discounts, from multi-policy discounts and first accident forgiveness to a diminishing deductible option.

As you cruise into your golden years on the road, ERIE offers a few discounts and perks:

• 55+ Driving Discount: Yes, a discount for all of your good, hard-earned driving experience. Talk to your Agent about this discount.⁴
• Reduced Usage Discount: A good option for snowbirds: If you plan to store your vehicle for 90 consecutive days or more, ERIE offers a reduced usage discount in most states (except Kentucky).⁴
• Accident Prevention Course: Updating your driving skills, just like in your younger years, there’s a driving discount available for drivers 55+ who retake a driving skills course.

Beyond that, ERIE provides some additional options that help avoid untimely rate hikes. With theERIERate Lock®feature⁶, you will pay the same auto premium year after year.Even if you have a claim, your rates won’t change until you make certain changes to your auto insurance policy, such as adding or removing a vehicle or a driver from your policy, changing your primary residence or where you usually park your car.

3. We’re thinking of downsizing. How might that affect our homeowners coverage and cost?

One might assume a smaller home translates to smaller insurance costs as well. But that’s not always the case, as a range of factors drive homeowners insurance rates. For instance, if your downsize lands you in a seaside bungalow, you could be facing a spike in what you pay for homeowners insurance because of the risks associated with coastal living.

The age of a home factors in, as well. On one hand, a newly built house needs fewer repairs and has the latest equipment, technology and safety features that can mean to lower risks -- and (potentially) lower payments. On the other hand, if all that newer stuff costs more to replace, it could prove more costly to insure than your current home. Even your proximity to a fire department can impact rates.

It really comes down to a case-by-case situation. That’s why it’s a great benefit to have your ERIE agent involved during the house-hunting stage.

4. Does life insurance still make sense at this stage of our lives?

There’s no set answer for that question, which is definitely worth exploring with your ERIE agent. How much – or little – life insurance you have as an empty nester depends on a range of factors including your current and anticipated financial situation, the status of your dependents or grown children and your future plans.

Keep in mind that retirement savings might not stretch as far as expected after factoring in taxes, inflation and less-than-stellar investment returns. With a whole life policy, you can borrow against your policy cash value as well as use it to supplement your income during your retirement years. And while you’re thinking about life insurance make sure your will is updated and your beneficiaries are clearly defined. (Read our guide about how to choose a life insurance beneficiary.)

Taking these steps not only gives you a clearer sense of your financial picture, but also valuable peace of mind.

Further Reading

Looking for more inspiration to start the conversation with your Agent? Check out these related articles from our blog:

• Quiz: Is a Long-Term Care Policy Right for You?
• What Is a Medicare Supplement Plan?
• Medicare Supplement vs. Medicare Advantage: What’s the Difference?
• How Universal Design Can Help You “Age in Place”

Looking After You

You’ve worked hard to get where you are today. The people and things in your life are a big deal. That’s why we think the insurance that protects them should be a big deal, too. At ERIE, we’ve been working hard since 1925 to help you get just-right insurance that safeguards the life you’ve built.

See the ERIE difference for yourself: Get a free online auto quote or find a local agent in your neighborhood.