Reviewing Your Insurance Needs

When is the last time you reviewed your insurance coverage? It’s not something you probably think about often, but it’s something that you should review at least once a year. Life events change and so do your insurance needs. Maybe you got married, had kids, or got a divorce, by reviewing your policies you can make sure you have the right coverage and the correct beneficiaries in place. Or, you may determine you need to add a different kind of insurance. Here are examples of different types of insurance policies that you may already have or may want to think about obtaining in the near future.

* Health care. If your health insurance is through your employer, check to see if your information is up-to-date. Do you have enough coverage? Are your beneficiaries still the same? If you’re self-employed and are insured through a private company, it never hurts to look around for a better deal from time to time. If you’re a member of a professional association you may find a less expensive group policy.

* Disability. Studies show that less than one in six people own enough disability insurance to provide a comfortable lifestyle during a long-term disability. Disability coverage is generally limited to 60%-70% of salaried income.

* Long-term care. Long-term care insurance may be advisable especially if you're between the ages of 55 and 72 and you don't have enough assets to fund long-term care.

* Life. The protection you need depends on the number of people who rely on you for support. Whole, variable, and universal life policies combine insurance coverage with an investment future. You should do a little research to find which type fits your needs best.

* Homeowners. With fluctuations in the real estate market, it's possible that your home could be under or over insured. Coverage equal to the current replacement cost (excluding land) is advisable. A little research is advised to get the best price and coverage.

* Auto. This insurance depends on many factors such as traffic violations, accidents, age, the type of car, and even your marital status. It’s a good idea to do your research to find the right insurance to fit your needs and your wallet. Most insurance companies will offer discounts for multiple policies.   

* Umbrella liability. Personal liability coverage is included with most homeowner and auto policies. However, if you own substantial assets, umbrella coverage will provide additional protection at minimal cost.

* Unnecessary insurance. Avoid policies with narrowly defined coverage (such as credit, travel, or cancer insurance) if they duplicate other coverage.

For all your financial needs contact our office at (866) 497-9761 to schedule an appointment with our advisors.