How Often Should I review My Insurance Policies
Life is full of changes, and your insurance coverage should keep up with them. It’s a good idea to review your life and health insurance policies at least once a year, but certain life-changing situations may require an immediate update.
Here are some key events that should prompt a policy review:
Marriage or Divorce: A change in marital status often means updating your beneficiaries or coverage levels.
Birth or Adoption of a Child: With a new family member, you'll want to ensure they’re financially protected, which may require increasing your life insurance coverage. For health insurance, you may need to add them to your plan.
Job Changes: Starting a new job or losing one can affect your employer-provided insurance benefits. If you’ve lost coverage or your new job offers different benefits, it’s crucial to update your health and life insurance policies.
Buying a Home: A mortgage introduces new financial responsibilities, which can influence your life insurance needs. You may want to ensure your policy can cover the mortgage in case of your unexpected passing.
Health Changes: A serious diagnosis or a significant health change can impact both your health and life insurance policies. If your current coverage no longer meets your medical needs, it's time to make adjustments.
Retirement: As you approach retirement, your life and health insurance needs will evolve. You may need to switch to Medicare or adjust your life insurance policy as your income and responsibilities shift.
By keeping your insurance policies up to date, you can ensure that you and your family are fully protected, no matter where life takes you. Reviewing your policies regularly ensures that you're not overpaying or underinsured as your circumstances change.
