Saving for retirement isn't enough. Protecting your nest egg is essential to secure your financial future over the long-term. Financial planners advise retirees and pre-retirees to look closely at their insurance coverage -- to make sure there are no gaps -- to protect assets they've spent a lifetime building.
Yet many baby boomers, particularly the most affluent, are likely to be under-insured where it counts the most.
According to a recent survey by ACE Private Risk Services, a division of the global insurer ACE Group, nearly all of the insurance agents and brokers surveyed said wealthy consumers were likely to be under-insured in at least one form of liability coverage, such as "umbrella liability coverage," which guards against the threat of multimillion dollar lawsuits.
About 86 percent of agents reported affluent clients had inadequate coverage to rebuild homes, which often represent a significant part of a retirees' net worth.