What better time to review your insurance policies than at the beginning of the New Year?
Reviewing your financial health and security is an important annual step to take. It is a great way to revisit your needs, wants and budget and to decide whether your current insurance polices are still working for you.
- Life insurance – Review your life insurance policy amounts and consider whether your coverage is adequate. Consider your mortgage balance, your family dynamics and your children’s age when deciding how much life insurance you need. Don’t forget to consider additional life insurance while you are young and healthy – although many individuals don’t think about life insurance during this time in their lives, the fact of the matter is that life insurance rates are incredibly cost-effective at this time.
- Disability insurance – Take a good look at your current income versus the amount of money you would receive in the event of a disability. This amount may be inaccurate, particularly if you received a raise or changed jobs at some point throughout the year.
Consider your group disability policies and your private disability policies, as well as your Social Security benefits. All of these sources of disability insurance need to be considered before you can make the best decision regarding your private disability insurance policy.
- Auto insurance – Don’t get caught up in complacency when it comes to your auto insurance. Check your rates every year and pay close attention to the rates of other auto insurance companies. Remember: what may have been a good deal just a couple years ago may not be such a good deal now. Make sure your policy meets both your needs and your budget.
- Homeowners insurance – Have you made any major renovations or improvements to your home in the past year? Have you added on or built a new back deck? Have you added a swimming pool or installed a new security system? Any one of theses changes can affect your homeowners insurance rates, so make a checklist of all home improvements you have made over the last year and contact your insurance agent to discuss whether these changes will affect your homeowner’s insurance policy.
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