A:

The number one thing to remember about insurance is that, just like everything else, it changes over time. The top-of-the-line policy that you bought five years ago might not even be available or even used anymore. So, it's extremely important to review all of your insurance policies at least once every two years. Here's some of the important items that you should be checking on your insurance documents:

a) Coverage Limits - have your needs changed since the last renewal?
b) Coverage Minimums (by law) - do you have adequate coverage, as required by your state of residence?
c) Deductibles - are you able to pay the deductible listed on your policy if needed?
d) Premiums - is your premium payment still competitive with the current insurance poroducts?
e) Premium Discounts Available - have you asked for premium discounts for multiple policies with the same agent or insurer? (Read Bundle Your Insurance for Big Savings to see how to get the most out of your insurance discounts.)
f) Beneficiaries - when is the last time you reviewed your beneficiaries or checked that all members of your family were covered under the policy? (Read Update You Beneficiaries for more.)
g) Master List - what happens in the event of your death? How easy is it for your spouse or estate administrator to find all of your insurance documents; why not make a master list?

The question was answered by Steven Merkel.

RELATED FAQS
  1. Why should I keep track of my insurance policy?

    The number one thing to remember about insurance is that, just like everything else, it changes over time. The top-of-the-line ... Read Answer >>
  2. How do I borrow money from my life insurance?

    Hello, I would like to find out the steps I need to take towards borrowing money off my life insurance. ... Read Answer >>
  3. Can your insurance company cancel your policy without notice?

    Learn about your rights as an insured when it comes to your insurance policy being canceled, including how to access your ... Read Answer >>
  4. What is term insurance?

    Term insurance is a type of life insurance policy that provides coverage for a certain period of time, or a specified "term" ... Read Answer >>
  5. What is the average return on total revenue for the insurance sector?

    Learn about the three main segments of the insurance industry, and find out what the average return on revenues is for the ... Read Answer >>
  6. Should I be worried about my insurance company?

    Yes, policyholders should also take a serious look at the financial stability of their current insurance company especially ... Read Answer >>
Related Articles
  1. Insurance

    How Much Life Insurance Should You Carry?

    Learn how much - if any - insurance you really need.
  2. Insurance

    What Happens If Your Insurance Company Goes Bankrupt?

    When insurance companies go bankrupt or face financial difficulty, it's bad news for policy holders.
  3. Options & Futures

    Insurance 101 For Renters

    If it's time for you to leave the nest, find out how to protect your new home from disaster.
  4. Options & Futures

    For Top-Notch Insurance Coverage, Compare Quotes

    Find out how to use and compare policy options to get the best coverage at the best price.
  5. Insurance

    Life Insurance: Putting A Price On Peace Of Mind

    Would your death leave loved ones financially stranded? Find out how to ease your mind and keep them protected.
  6. Insurance

    5 Reasons You Should Check on Your Insurance

    Insurance gives you peace of mind, but you don't have to overpay for it. Rates change and discounts get added, which is why shopping around is important.
  7. Insurance

    5 Money-Saving Insurance Tips For Couples

    It may not be the best part of getting married, but saving money on insurance is a great financial benefit.
  8. Insurance

    Smooth Moves: Changing Insurance When You Relocate

    Whether moving across town or across the country you probably have a very long to-do list, but don't let insurance matters get lost in the shuffle.
  9. Life Insurance

    What life insurance is: A contract with an insurance company that provides your beneficiaries with a certain amount of money when you die. Pros: Beneficiaries are safeguarded from the financial ...
  10. Options & Futures

    20 Investments: Life Insurance

    What Is It? Life insurance is income protection in the event of your death. The person you name as your beneficiary will receive proceeds from an insurance company to offset the income lost as ...
RELATED TERMS
  1. Insurance Premium

    The amount of money that an individual or business must pay for ...
  2. Cover Note

    A temporary document issued by an insurance company that provides ...
  3. Insurance

    A contract (policy) in which an individual or entity receives ...
  4. Insurance Coverage Area

    The geographic region in which an insurance policy’s benefits ...
  5. Conversion Privilege

    An insurance policy in which the insurer is required to renew ...
  6. As Their Interests May Appear (ATIMA)

    Text in an insurance policy that allows other parties to be added ...
Trading Center