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Insurance Policy Review

Insurance Policy Review: 6 Events To Start Tracking

Insurance Policy Review.. when do you need one? So you are moving into a new apartment, just got married, or got a new job. Big changes like these can affect your life insurance coverage (or not) and is the perfect time to review your policy.

 

1. A new job – best time for insurance policy review

A new job is a great time to start tracking your insurance needs. You’ll be at a different company with different policies, so it’s important to have a fresh look at your coverage. Take this opportunity to do an insurance policy review to see if any insurance policies that are no longer relevant, like life insurance or disability coverage, and consider adding new ones, like long-term care.

If you’ve just started a new job, your insurance needs are likely different than when you were unemployed and hence there’s a need for a new insurance policy review. For example, if you’re working as a consultant or contractor, you may not be eligible for health insurance benefits through your employer. In this case, it makes sense to buy individual health insurance so that you’re covered in case you get sick or hurt on the job (or off). Also, make sure to ask if there’s an option for dental coverage as well as prescription drugs — some plans don’t include these extras.

According to Etiqa, here’re some things to note when reviewing your life insurance policy:

  1. Type of policies
  2. Period of coverage
  3. Benefits and limitations
  4. Cash value
  5. Premium required
  6. Beneficiaries
  7. Insurer
  8. Contact details
  9. Who’s insured?

 

2. A change in marital status (e.g., divorce, marriage) will require  insurance policy review

If you get married, divorced or separated, your insurance policy review will need to be updated to reflect your new status.

Insurance Policy Review at marriage

If you had health insurance through an employer, your spouse could be added to the policy as a dependent.

When you get married or divorced, your conduct a insurance policy review to make sure it is still adequate. A change in marital status can affect your need for coverage and the amount of coverage you have.

 

3. A new dependent (e.g., birth or adoption of a child)

When you have a new dependent, whether it’s a baby or an elderly parent, it’s best to have a insurance policy review and make sure that you have the right coverage for them.

Insurance Policy Review having a baby

For example, if the baby is going to need coverage by a health insurance plan, then make sure that you get it while the baby is in pink of health. You can also look into whether you need additional life insurance coverage for your spouse or other children.

When adding a new dependent (e.g., birth or adoption), you will want to ensure yourself are covered by all appropriate policies. For example, if you have life insurance but do not have disability coverage, it may make sense to add occupational disability coverage for yourself and your working spouse.

 

4. Buying or selling a home

When you’re buying or selling a home, there are several insurance policies you need to consider in your insurance policy review.

Insurance Policy Review when buying a new home

The biggest change is that your mortgage loans liability will change. This is because of the difference between the value of your home and what you owe on it. If you have a mortgage on your current home, it is likely that this will increase.

In addition to your mortgage loans liability, other important things to consider in an insurance policy review include:

Homeowners insurance: If you’re buying a home, check with your lender to see if there are any discounts available for having coverage from the same company. Also, make sure that the amount of coverage you have on your home will be sufficient if there’s a fire or other disaster.

Auto insurance: If you’re buying a car, find out what type of coverage it has and whether it’s comprehensive (covers theft and vandalism) or collision (covers damage caused by an accident).

 

5. Starting a business – you will need an insurance policy review

Starting a business can be a lot of fun, but it is also a lot of work. You need to be prepared for all kinds of events, and one of them is an insurance policy review.

When you start a new business, it’s important to get an insurance policy review. You may find that your current coverage is less than you need or that it doesn’t cover all of the risks associated with your new venture, such as:

  • Cybersecurity risks
  • Business Interruption
  • Public Liability
  • Work Injury Compensation (WIC)

and so on..

 

6. Retirement

An insurance policy review is one of the most important steps to take before you retire. Whether you have a life insurance policy or a health insurance policy, it is important to know what they cover and what they don’t.

The best way to do this is by reading your insurance policy documents carefully. However, if you are short on time or simply want someone else to do the work for you, there are many reliable professionals who can help you with the insurance policy review as part of their comprehensive financial planning process.

 

Check your Insurance Policy for changes in your life to make sure you are covered.

Whether you’re just starting to think about what insurance protection you need or are looking to review your policy with your agent, we hope this guide helps. At its heart, insurance is meant to be a safety net—and so is this article. But the most important thing to remember is this: the only way your coverage will work when you most need it is if you choose wisely and review it often. In short, make your insurance work for you.

For a free, no-obligation review of your current insurance policies, please contact us.

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