When it comes to insurance policies, far too many people simply purchase a policy and put it at the back of their minds. However, circumstances change, and the policy you purchased a few years ago may no longer be the most cost-effective option for you. Conducting regular insurance policy checkups can be beneficial for you and your loved ones.
Life Insurance and Disability Insurance
Two types of insurance that are overlooked too often are life insurance and disability insurance. For many, this can be an uncomfortable topic and something that they don’t want to think about. Yet, there is a point in life when a checkup on these types of insurance is crucial. With life insurance and disability insurance, you are buying a policy that is intended to protect your loved ones in the event of death or a life-altering incident. This makes it all the more important to take a hard look at your existing policy to make sure that it meets your current needs and is the best option available.
For example, depending on your current circumstances, you may want to increase or decrease your existing benefit. Are you carrying enough coverage? Has your family grown, or are you now responsible for elder relatives who weren’t a factor when you bought the policy?
It also may be the right time to shop around. Just because you purchased an insurance policy years back does not mean you have to stay with it. Take the time to conduct research and look around the marketplace. There may be a better option out there that helps you and your loved ones in the long term.
Auto and Business Insurance
While life insurance and disability insurance are the big ticket items, it is helpful to evaluate all of your insurance policies. For instance, this could be a good time to look at your auto insurance policy. As noted earlier, circumstances can always change. When you bought your existing policy, maybe you had to commute to work every day. But if you are now working remotely, you have no need to commute to the office. This could be the time to adapt your auto insurance policy to reflect your current situation. Or maybe you have had the same professional liability insurance for the past decade but have changed your line of work. It may be the perfect time to shop around and find a policy that meets your current goals.
It may not be at the front of your mind, but it is important to conduct a periodic checkup on all of your insurance policies. Whether it is health insurance or homeowner’s insurance, taking the time to make sure that your current policies meet your needs and are the best options available can help you avoid unexpected costs and make sure your family is protected.
Contact me or your Landmark advisor for a discussion of your insurance coverage needs and an insurance policy review.