It’s time for your end-of-the-year insurance review
It’s one of those things that is easy to overlook – taking the time to review your insurance coverage.
Why is this so important? Well, let’s start with the knowledge that you work hard and want to protect your income. That’s why it’s so important to review your family’s insurance needs annually to make sure you have the right amount and type of insurance to cover unforeseen circumstances that can derail a financial plan.
Life insurance is always a good place to start
If your family is growing, you might want to increase the amount of your life insurance to protect your loved ones. Or, as your net worth grows and your children reach adulthood, you may want to re-evaluate your life insurance to determine you have the right type of coverage.
Long term care insurance
You might also benefit from looking into long term care insurance, which may offer a variety of features and options. There might even be a combination life insurance/long-term care plan that is right for you.
Changes to your home impact your homeowner’s coverage
When was the last time you took a look at your homeowner’s coverage? When you first bought time. This is something else you should do annually.
If you insured your home for $200,000 when you first bought it but now it would cost you at least cost $300,000 to rebuild, you’re facing a coverage gap. If for any reason you had to rebuild your home because of a fire or other damage you would be facing a $100,000 gap in coverage. Is that something that you could really afford?
Any renovation or upgrade is another reason you will want an insurance review. It can help ensure that your home and belongings are fully protected.
Check your auto insurance
If you haven’t shopped for coverage in the past three years, it’s worth a phone call to review your auto coverage to see if you can save on you premium. Even if you find that the coverage you have is the least expensive, there may be other ways to reduce your premiums.
Don’t forget to review your beneficiaries
Your annual review should also include a simple check of your insurance beneficiaries to make sure this information is up to date.
Give us a call and let’s discuss your insurance options and review your coverage.
Featured Blogs
- Aging and Our Body’s Ability to Heal Itself
- Keeping Health Insurance After a Layoff
- Waking Up to the Impact of Insomnia
- How Life Insurance Benefits Women
- What experts say about raising the retirement age
- Coverage for healthcare treatment denied? Here’s what you can do.
- Sharing the Road with Cyclists
- Buying Life Insurance for an Elderly Parent?
- Medicaid Unwinding: Your Questions Answered
- Living Your Best Life After 60
- Buying Health Insurance: A Millennial’s Guide
- Self-Love Ideas for Valentine’s Day
- Life Without Clutter
- Set Yourself Up for Success with Your Fitness Routine
- Winter Hydration – Do I Need It?
- I’m 60+; Do I Need Life Insurance?
- Why Do I Keep Breaking My New Year’s Resolutions?
- Closing Out the Year with a Smile!
- How to Enjoy a Long Layover
- 6 Cold Weather Safety Tips
- 10 Tips for Managing Cholesterol Levels
- How Much Life Insurance Do You Need Right Now?
- 3 Top Tips for Better Posture
- Building Bone Density for Seniors
- Living Outside Your Comfort Zone in Retirement
- 3 Top Habits that Lead to a Happy Life After Retirement
- Should You Insure Your Gifts?
- Everything You Need to Know When Retiring Under 65
- 7 Benefits of Slow Travel
- Utilizing Medicare Preventative Services
- The Harsh Reality of Credit Card Fees
- Keeping Your Health Insurance Affordable
- 7 Tips to Weather Challenging Periods in Your Life
- What is a Variable Annuity? 4 Key Details You Should Know
- 4 of the Best Ways to Stay Healthy this Summer
- How to Prevent Sun Damage to Your Eyes
- 3 Tips for Safer Grilling
- When the Sun is NOT Your Friend (What You Need to Know about Sun Exposure)
- Tips to Avoid Stress Eating
- Common Exercise Pains – How to Work Past Them and When to Call for Help
- Signs Your Identity Has Been Stolen (and what to do about it)
- How Does Inflation Affect Life Insurance?
- Know the Benefits of Walking
- Do Brain Food Supplements Really Work?
- Ways You Can Spend Less on Gas
- What Are Alternatives if LTC isn’t Right for You?
- 4 Tips for a Less Stressful Summer
- Veteran and Medicare Benefits Work Together
- What are the Safest States From Natural Disasters?
- How to Choose an In-Home Care Provider for Your Loved One in 5 Steps
- 7 Myths About Your Back Pain
- 5 Foods that Will Help Keep Your Mind Healthy
- Don’t Throw Away Those Used Coffee Grounds
- I’m 50 Years Old. Should I Keep My Life Insurance?
- How to Spot Government Imposters
- 5 Mistakes to Avoid When Buying a Life Insurance Policy
- Happiness Through Healthy Food
- 5 Step Checklist to Choosing a Health Insurance Plan
- 5 Creative Spring Décor Ideas
- 10 Ways to Maintain Healthy Joints
- 3 Incredible Healthcare Smart Technologies Coming Your Way
- Do I Need a Long-Term Care Plan?
- Senior Diet: To Meat or Not to Meat
- How to Take Care of Your Personal Intangible Assets
- Dream All-Inclusive Trips to Escape the Cold
- Five Health “Hacks” For Happy Holidays
- Do You Know What These Key Insurance Terms Mean?
- HIPAA: Why is it important to me?
- Life Insurance Facts to Consider
- Will Plan F be Discontinued In year 2020? The Answer is Yes and No
- Commonly Asked Questions About Life Insurance
- February is American Heart Month: We want you to take it to heart
- Start the year with a review of your insurance coverage needs
- Apps to help you manage your time and productivity
- Making the most of an annual insurance review
- Have a happy holiday season
- Time for Review Your End of the Year Financial To-Do List
- Five mobile apps to help you manage your holiday spending and beyond
- Open Enrollment For Health Insurance is Here!
- Four things to know about Medicare Open Enrollment
- It’s Time to Take a Walk!
- September is Life Insurance Awareness Month
- Protect Yourself From Health Insurance Fraud and Scams
- How Do Drug Formularies and Drug Tiers Work?