Health insurance: Since Medicare coverage doesn't begin until age 65, you'll need to consider other coverage if you retire before that age. Even with Medicare, many costs are not covered, so you'll want to consider supplemental coverage. With health insurance premiums so high, you might want to raise your insurance deductibles and copayments to lower your premiums.

Long-term care insurance: This insurance covers the cost of nursing homes or home health care. If you have significant assets, you may prefer to pay any costs yourself rather than pay for insurance. If you have few assets, Medicaid is likely to pay most of the cost. Those in most need of long-term care insurance are individuals with moderate assets who don't want to deplete those assets to pay for nursing home costs.

Homeowners insurance: Make sure your coverage is sufficient to rebuild your home if it is destroyed. Keep your liability limits high to protect you in case you are sued.

Liability insurance: Your auto and homeowners insurance should provide some coverage. If those limits don't at least equal your net worth, obtain liability insurance to cover the difference.

Life insurance: Whether you need life insurance will depend on your individual circumstances. You may not need life insurance if your children are grown and you have sufficient assets to support your spouse after your death. However, you may need life insurance to provide for a spouse or child or to provide for the payment of estate taxes.

Before you retire, review all your insurance policies to determine if it is appropriate for your new circumstances.