Reviewing your insurance every year can help you save money, whether it’s on your premium now, or by making sure you’re covered in case something happens. It’s also key to ensuring your coverage evolves along with any changes in your life. Even small life events, like buying new jewelry or getting a raise, could affect both your premiums and the amount of coverage you need going forward.
Start your review by making a list of all of your insurance coverage. Even though you can do this at any point during the year, try to review all of your policies at the same time. Some providers offer a discount if you purchase multiple plans through them, such as home and auto.
Here are some tips on what to look for with different types of insurance.
Reviewing your life insurance regularly helps ensure it's still meeting your financial goals and reflects major changes in your everyday life. This type of insurance is particularly important to monitor. When the policy does come into play, you’ll want the process to be as simple as possible for your beneficiaries.
Situations in which you may want to consider revising your coverage can include:
Life insurance policies are especially personal, so be prepared to provide information such as medical records and your beneficiaries’ Social Security numbers. Make sure to speak with a professional about your coverage needs.
Your health needs may change over time, as well whether you’re insured through an employer or purchase on your own. In addition to your own needs, changing state and federal laws can affect the type of coverage available to you, making a review even more important.
Here are some things to consider:
Depending on your preferences for an HMO or PPO and your healthcare needs, some of your answers to these questions may matter more than others. For example, you may be willing to pay more out of pocket to be able to see the physician you’re most comfortable with.
When it comes to your health insurance review, keep in mind what will work best for you and your family’s needs.
To review your policy, look for the declaration page. If you can’t find it in your documents, ask your provider. The declaration page provides a summary of your current coverage.
From there, you can review what’s covered and determine if you need to adjust.
Some of the common reasons for updating coverage include:
Next, check for discounts. For example, you may be able to reduce your premiums if you’ve updated your home security system or if the management team in your apartment building added a new sprinkler system.
It’s a good idea to shop around a bit, too. Don’t just look at your current provider and be sure to consider bundled coverage.
How much you pay for auto insurance can vary based on several factors. Some are obvious, like the cost of the car and your driving record. Others are less so: Did you know improving your credit score could lower your premiums on auto insurance?
Other factors that could lead to lower premiums include:
It’s important to make sure you’re covered for your health, life, house, and car. But what about other types of insurance?
Ask yourself if the following policies might be right for you:
Make sure to consult with your insurance providers to discuss any changes you want to make or questions you may have about your coverage after reviewing it on your own. A financial professional can also help provide guidance on coverage for your needs.
As you review your coverage, consider these 3 types of insurance you shouldn’t ignore.