At the heart of any sound financial plan lies the assurance that you and your loved ones are adequately protected against life’s uncertainties. Central to this protection are your life and health insurance policies.
Yet, simply having these policies in place isn’t enough. Regular review is essential to ensure they still align with your evolving needs.
That’s why we are providing you with a comprehensive checklist that guides you through the annual review process, including the following considerations…
Health Insurance
- If you and your spouse both have access to health insurance, does it make sense to each take your own coverage, or choose the better of the two plans to cover both parties?
- If you are paying for your own coverage, has your situation changed? Should you consider shopping for a new policy?
- If you are retired and on Medicare, do you need to make any changes during the (next) annual enrollment period?
Related: 4 Key Health Insurance Terms You Should Know
Life Insurance
- If your life insurance is offered by your employer, have the coverage options or limits changed?
- If you own permanent life insurance, have you reviewed how the policy is performing?
- If you own a term policy, have you reviewed the time left on the policy’s term? Have your needs changed?
Related: Do I Need Life Insurance? 3 Variables to Consider
Disability Insurance
- If your employer provides disability insurance, have there been any changes to this coverage and is it adequate?
- Do your other sources of disability income, such as Social Security and personal savings, sufficiently cover your potential needs, or should you consider additional insurance?
Related: What to Consider When Purchasing Disability Insurance
Long-Term Care Insurance
- Does your long-term care insurance have appropriate coverage, such as benefit amounts, riders, and inflation protection?
- Have you experienced a large increase in your premium? If so, it might make sense to review other options…
An annual insurance review is critical to ensure you are adequately protected well in advance of future needs.
We know the terms and conditions of insurance contracts can sometimes be difficult to read and understand. Deductibles, limits, exclusions, and endorsements can be hidden in the fine print, making it hard to understand the true extent of your protection.
If you require assistance in reviewing your insurance coverage, you’re welcome to schedule a call with our team of financial advisors using the link below.
