There are several things that remain constant in life, so constant that we often don’t need to check on them. The sun is going to rise, water is going to come out of the tap, my newspaper is going to be on my porch in the morning. Things like that. Another thing that most people think remains constant is insurance.
Insurance is mostly passive, and you only pull from it when you need it, so it’s logical to assume that it remains the same. However, just because insurance remains the same, doesn’t mean that the life that it protects is always constant. When you experience major life events, you need to check your insurance to make sure it is still providing the coverage that you need it too.
When to Take a Look at your Insurance
- When your family changes: Having a baby, getting married, or losing a loved one to death is a time to look at your life insurance. Review your policies and make sure that it can handle your new family change, and make any adjustments that you need too.
- When your children drive or move out: You don’t want a new driver going around the city without auto insurance, and you don’t want them living on their own without renter’s insurance. You can even make it a learning opportunity and speak to your child about all the benefits proper insurance offers.
- It’s also a good idea to look at your insurance when you move or update your home. Sometimes that new kitchen or living room will increase the cost of your house, or it might decrease it. If you are looking to change where you live, an insurance check might be in order.
- You’ll need to make sure your current health insurance plan is covered or if you need a new plan, and for a small business you might be able to make some deductions and have to make some extra payments.
- if you start a business or suffer a change in your employment, it brings a lot of changes with it.
- Looking over your insurance when you retire is a good way to keep everything up to date. You’ll need to know about health insurance and whether you qualify for Medicare coverage.
- When you purchase new expensive electronics and jewelry.
- When you get a new dog in the family.
- Doing away with your old alarm system.
Remember to Keep an Eye on the Expiration Dates
Even if none of the above changes are happening to you, you should still take a look at your insurance when the term is almost up. Your lifestyle or health might have changed and it’s important to keep your insurance on top of that. Meet with your agent and review your situation with them, and then make sure that your coverage does all it needs too.
Important Tip. If you’re shopping for a new policy, don’t just look at rates. Find an Insurance agent who is well-versed on the varying coverages and isn’t interested solely in making the sale; one who will act as a consultant during the purchasing process. Insurance agents must be licensed by each state in which they do business.
If you are having a major event in your life, then make sure to check if your insurance can handle it. Nothing cuts short the joy or expands on the sorrow of a life event that the knowledge that your insurance can’t see it through all the way. One check now could save you a headache later.