What changes might I need to make to my insurance policy?

By Steven Merkel AAA
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. What's the difference between Social Security Disability Insurance (SSDI) and Supplemental ...

    Both Social Security Disability Insurance and Supplemental Security Income are administered by the Social Security Administration, ...
  2. On average, what can I expect my private mortgage insurance (PMI) rate to be?

    Learn the several factors that come into play when insurance companies determine the private mortgage insurance rate for ...
  3. Why do I need to pay private mortgage insurance (PMI)?

    The extra interest payments caused by private mortgage insurance may seem excessive, but there's a good reason lenders need ...
  4. What are the different types of private mortgage insurance (PMI)?

    Private mortgage insurance (PMI) is an insurance policy that protects lenders from the risk of default and foreclosure, and ...
RELATED TERMS
  1. Lloyd's Of London

    A British insurance market where members join hands as syndicates ...
  2. Reinsurer

    A company that provides financial protection to insurance companies. ...
  3. Pension Risk Transfer

    When a defined benefit pension provider offloads some or all ...
  4. Death Master File (DMF)

    Also known as Social Security Death Index. A list of people whose ...
  5. Level Death Benefit

    A life insurance payout that is the same whether the insured ...
  6. HIPAA Waiver of Authorization

    A legal document that allows an individual’s health information ...
comments powered by Disqus
Related Articles
  1. How the Affordable Care Act Changed ...
    Insurance

    How the Affordable Care Act Changed ...

  2. Why You Don’t Need Mortgage Protection ...
    Insurance

    Why You Don’t Need Mortgage Protection ...

  3. Don't Be Misled By Investment Advertising
    Home & Auto

    Don't Be Misled By Investment Advertising

  4. A Look At Single-Premium Life Insurance
    Home & Auto

    A Look At Single-Premium Life Insurance

  5. Health Insurance: Paying For Pre-Existing ...
    Home & Auto

    Health Insurance: Paying For Pre-Existing ...

Trading Center