What changes might I need to make to my insurance?

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. Who are the best-rated life insurance companies in the US?

    Learn about what makes an insurance company the best. Read about the best life insurance companies in the U.S. in 2014, following ...
  2. What are some examples of when insurance bundling is a bad idea?

    Learn about situations where insurance bundling may not be a favorable option. Bundling insurance is often a good idea, but ...
  3. What are some examples of unexpected exclusions in a home insurance policy?

    Learn about commonly excluded perils with different standard insurance policies. Explore events that homeowners should consider ...
  4. Who are the best-rated home insurance companies in the US?

    Learn about the top rated home insurance companies in the United States based on customer satisfaction surveys. See how customers ...
RELATED TERMS
  1. Medical Identity Theft

    Stealing another person’s health insurance information so that ...
  2. Noncancellable Insurance Policy

    A life or disability insurance policy that an insurance company ...
  3. Member Month

    The number of individuals participating in an insurance plan ...
  4. Pre-Existing Condition Exclusion Period

    A health insurance benefit provision that places limits on benefits ...
  5. Policy Or Sales Illustration

    An educational tool that shows a prospective or new insurance ...
  6. Point-of-Service Plan (POS)

    A type of managed-care health insurance plan that provides different ...

You May Also Like

Related Articles
  1. Thanks to the Affordable Care Act, you can no longer be denied health insurance for having a pre-existing or chronic medical condition.
    Insurance

    Choosing A Health Plan For Your Chronic ...

  2. Four key factors to check out before you just sign up for dental insurance. The coverage could be really worth it – or not.
    Insurance

    Does That Dental Insurance Have Cavities?

  3. Compared to other options, does it ever make sense to include cash-value life insurance in your investment portfolio?
    Trading Strategies

    How Good An Investment Is Life Insurance?

  4. Insurance

    Tips for Finding Affordable Health Insurance

  5. Insurance

    4 Steps to Finding the Right Health ...

Trading Center