Life Insurance Advice for The New Year3 min read

Life insurance upkeep for 2019

Other resolutions may be a lot more interesting or exciting, but few are as important as getting your insurance coverage in order. Insurance is a smart and practical safety net for when things in your life go wrong, but that net can only help catch you if you make sure it’s set up properly. Here are actions that can help you strengthen your insurance.

Meet with Your Agent

Sure, you can simply pay your insurance bills and never talk to an agent. But sitting down with an expert at least once a year will give you an opportunity to get updates on policy changes or discover new coverage options that may work better for you and your family. Your life may have changed in the past year, requiring new strategies for coverage. Perhaps you collected an inheritance. Maybe you had a child. Life changes like these will require an update to your policies. The best way to erect the best safety net is to talk with an agent.

meet with an agent if you have questions.

Check Renewal Dates

A policy renewal date is a great reminder to look at your coverage and consider changes. You can typically find your renewal dates on your paper policy documents, at your insurance company website or through their app. Insurance companies will also send out renewal notices in advance, so make sure to open any letters you might receive from them. If you’ve opted for paperless billing, you should receive an email notification.

Pay Your Coverage Early

Many people pay for their insurance coverage monthly, but you can save yourself a substantial amount of money by paying six months or a year up front. If you can’t afford to do that right now, make a savings plan so you can pay more in advance next year.

Read Your Insurance Policies

Carefully read your insurance policy.

To get the most out of your insurance plans or to make a claim, you must understand your policies. Home or automotive insurance often have a declarations page to look over. For health insurance, review the summary of benefits. Consult with an agent if you need help.

Bolster Your Credit

The worse your credit is, the more of a risk you pose to an insurer. Bad credit can negatively affect you in a variety of ways, from raising your interest rates on credit cards and loans to increase your car insurance rate, to hurting your chances of getting an apartment, to getting denied a job. To improve your credit, always pay your bills on time and make a plan to try and get out of debt.

Inform Your Life Insurance Beneficiaries About Your Policy

Let your beneficiaries know of any changes to your policy.

Billions of dollars in life insurance benefits go unclaimed every year because beneficiaries don’t know about the policies or where to find them. To claim money when you die, your beneficiaries don’t require a policy in hand to make a claim, but they do need to know which insurer you purchased insurance from. Make sure you let your beneficiaries know the necessary information. Check in with your agent if you want to be sure.

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