PHILADELPHIA--(BUSINESS WIRE)--For individuals and families in or near retirement, protecting wealth and managing expenses are essential priorities. The most serious threats to a retiree or near-retiree’s net worth involve exposure to high-stakes liability lawsuits and significant property loss at home, while many approaching retirement overlook easy savings opportunities in their personal insurance program. A properly structured personal property and casualty insurance program – including homeowner, automobile and liability coverage – can play a key role in successful insurance planning for retirement.
These are among the key findings of a new white paper released today by ACE Private Risk Services, the high net worth personal insurance business of the ACE Group. The white paper, Retire with Confidence: How to Structure a Personal Insurance Program, includes a 13-step guide to build and maintain a personal insurance plan into retirement, and summarizes a strategic approach to personal risk management by engaging the assistance of an independent insurance agent. The full whitepaper can be found herehttp://www.acegroup.com/us-en/assets/ace-insurance-planning-for-retirement-white-paper-oct-2012.pdf.
“Financially successful couples and individuals in or near retirement face some of the most complex decisions about insurance at any time in their lives,” said Robert Courtemanche, Division President, ACE Private Risk Services. “Retirees and pre-retirees should craft a personal insurance program with sufficient umbrella liability coverage to match their at-risk assets, ensure their home is covered to its full replacement cost instead of its market value, as well as seek savings through higher deductibles and bundled insurance policies. By working with an independent insurance agent, individuals and families with emerging and established wealth can protect their assets and cut their insurance expenses as they plan for a successful and enjoyable retirement.”
The ACE Private Risk Services white paper includes 13 comprehensive recommendations for robust wealth protection and strategic expense management in retirement planning. Among the best practices recommended in the ACE Private Risk Services white paper are:
Other recommended actions discussed in detail in the white paper are:
The tendency to leave personal insurance policies largely untouched year after year leaves many financially successful retirees and pre-retirees at risk. Liability exposure, potential property loss and the lack of full replacement cost coverage expose a retiree’s net worth to lifestyle-changing losses, while missed savings opportunities place an unnecessarily high burden on a household’s annual expenses. By working with an independent insurance agent, retirees and pre-retirees can be confident about enjoying the comfortable retirement they have worked hard to achieve.
About ACE Private Risk Services
ACE Private Risk Services is the ACE Group’s high-net-worth personal insurance business, which provides specialty coverage for homeowners, automobile, recreational marine, umbrella liability and collections insurance for individuals and families with emerging and established wealth. Policies issued by Bankers Standard Insurance Co. and ACE Insurance Co. of the Midwest. Additional information can be found at: www.aceprs.com. The ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at: www.acegroup.com.
ACE North America Communications
Carla Ferrara, 215-640-4744