We are officially in 2024, and what better way to start the year than making sure your foundations are in place. Reviewing your insurance policies is something that should be done yearly to make sure you and your loved ones are adequately covered, and that your policies are keeping pace with any changes in your life and your surroundings.
Here are our suggestions for what to consider for your New Year’s insurance checklist.
Life Insurance
While you might think you already made an in-depth review of your needs when you first purchased your life insurance policy, taking into account factors like your family and inflation, the truth is every year brings about changes. Weddings, divorces, births, new jobs, salary increases, etc. These are all important, and should be reflected in your insurance policy so it can provide you the best coverage it can.
Consider the following elements:
Have there been any changes in your life since you purchased your policy? Perhaps you got married, divorced, or expanded your family in some way. More specifically, does the original need you purchased the life insurance policy for still stand today?
Relationships and obligations are always changing, does your beneficiary selection need to be revisited?
Have you moved to a new house or apartment? If so, you might need to fill out a change of address form.
Has your financial situation changed? Maybe you got promoted at your job with an increase in income, or maybe you have accrued debt.
Have you seen improvements in your health, like weight loss or quitting smoking? Besides the obvious benefits, leading a healthy life benefits your coverage greatly.
Has your term policy expired? It is crucial to keep track of this so that you can extend it if necessary.
Home, Auto, and Property Insurance
Since these types of insurance policy see frequent changes, there could be opportunities to get more coverage and even save money. Consider getting a new quote for all your non-life insurance policies every three years or so, to be certain that you are spending the appropriate amount for the right coverage. And specifically for your home policy, it might be a good idea to update your coverage for any additions or renovations you might have done to your home since the time of purchase.
Long-term Care Insurance
Considering the cost of healthcare is important, but so is figuring this cost into your retirement policy. A 65-year-old couple retiring this year can expect the cost of healthcare during their retirement to be about $220,001, assuming that the husband will live for 17 more years and that the wife will live for 20 more years. And healthcare expenses will only continue to be one of the biggest costs for retired Americans. Besides, if you are turning 65 this year there is a 70% chance you will need some form of long-term care. Keep in mind that long-term care insurance is generally not covered by health insurance or Medicare, and that your premium will be cheaper if you buy it while you’re young.
Need help getting your policies sorted out for 2024? Contact our experts today!