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. Which insurance policies do I really need?

    Your needs for insurance depend on your situation and can't be generalized for everyone, but there are a lot of options available. ... Read Answer >>
Related Articles
  1. Insurance

    Life Insurance Clauses Determine Your Coverage

    Understanding these key parts of your policy will help you to ensure that your family will be covered.
  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. Insurance

    What To Expect When Applying For Life Insurance

    Before jumping into a policy, check out these tips on how to score the best plan for you.
  4. Insurance

    Life Insurance: How To Get the Most Out Of Your Policy

    There are many benefits to owning a life insurance policy - if you get the right one for you.
  5. Insurance

    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.
  6. Insurance

    5 Tips For Getting The Right Contents Insurance

    There are many options when it comes to insuring the contents of your home.
  7. Financial Advisor

    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.
  8. 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.
  9. Insurance

    How to Find the Right Car Insurance

    Finding the right car insurance can be difficult. However with these strategies, you can get the most for your money, protect your assets and your health.
  10. 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.
RELATED TERMS
  1. Insurance

    A contract (policy) in which an individual or entity receives ...
  2. Life Insurance

    A protection against the loss of income that would result if ...
  3. Cover Note

    A temporary document issued by an insurance company that provides ...
  4. Noncancellable Insurance Policy

    A life or disability insurance policy that an insurance company ...
  5. Classified Insurance

    Insurance coverage provided to a policyholder that is considered ...
  6. Insurance Coverage Area

    The geographic region in which an insurance policy’s benefits ...
Trading Center