Tweet

Not Reviewing Your Insurance Can Be Costly

Guest post by: Alston Balkcom

Article Overview: The personal insurance contracts you own may need to be changed from year to year. The life, health care, disability, car and home insurance that you possess may no longer do what you need them to do. Each contract should be reviewed and adjusted as necessary.

Not Reviewing Your Insurance Can Be Costly

The personal insurance contracts you own may need to be changed from year to year. The life, health care, disability, car and home insurance that you possess may no longer do what you need them to do. Each contract should be reviewed and adjusted as necessary.

The life insurance needs of your family may have changed since you looked at it. You may have too much insurance in this area. You may have too little coverage. You may have the wrong type of insurance in this area.

If you are earning a better salary you may need to adjust the limits of the life insurance you have. One of the primary reasons we purchase life insurance is to replace lost income. Having too little life insurance can mean that your family has too little income.

If you have more obligations now than when you purchased your plan you may want to update your policy. An additional child can increase your requirements for insurance. The opposite is also true. If your children are now adults and self sufficient, you may require less protection than you did before.

Your need for health insurance may have changed. When is the last time you reviewed your health insurance plan? Your health insurance plan may have a maternity rider that you no longer require. Or, it may not have coverage for maternity and you are planning to expand your family.

Your health insurance deductible may be too low or too high. You can easily over insure yourself by purchasing a plan with a deductible that is too low.

The limits on your policy may be lower than you need. The cost of a hospital stay goes up each year. Doctors charge more each year. Unless your plan has no lifetime maximum on benefits it may fall short if you have a major medical problem.

Disability insurance gives you an income when you are unable to work due to trauma or sickness. If your income has increased, your disability insurance should also rise.

If your need for income is less than it was before, you may want to lower your disability insurance. If you are able to live off of your investments now you may no longer require this coverage.

Your auto insurance policy has probably been updated when you bought and sold automobiles. It may not have been adjusted to make sure that you have adequate liability limits. It may not have been updated as your cars have grown older and perhaps no longer need collision and comprehensive coverage.

Your home insurance needs adjustment on a regular basis. The amount of coverage you have on your dwelling needs to equal the cost of rebuilding your home. (Not the cost of purchasing a similar dwelling.) This amount changes from year to year and your policy should be changed.

If you have bought jewelry since you bought your home policy, you may want to make sure that you have enough insurance for jewelry. You may need to purchase a rider or a separate policy to cover your jewelry. The standard homeowners' insurance policy will only cover a small amount of jewelry.

Checking rates with various companies to get the best rate is an important part of reviewing your insurance. Your needs change as time passes. So do the prices of the various insurance carriers. Although it is more important to be sure that you have the right kind and amount of insurance protection, it is also important that you not pay too much for it.

The only way to ensure that your insurance contracts are what you need today is to review your needs and your insurance plans one by one. Having too much coverage means your coverage is more expensive than it should be. Being under insured means that you get smaller checks when you file a claim.

Related Articles
  How To Purchase Cheaper Auto Insurance Coverage
  Car Insurance - Gap Insurance
  Semi-Annual Insurance and Financial Review
  COBRA Healthcare insurance vs Individual Health insurance
  Graduate Student Medical Insurance – Comparing
  Getting Health Insurance Online
  The Right Age to Buy Primerica Life Insurance
  COBRA Health Care insurance vs Family or Individual Medical Care Insurance
  Do You Need Dental Insurance?
  The Car Insurance Comparison Kit
  Avoid this Common Costly Health Insurance Error
  How are Car Insurance Premiums Increased?
  Learn from this costly new business owner medical care insurance error
  How to Sell Insurance – Really
  Business Insurance Coverage
  Why you should not do Business Without Commercial Business Insurance
  The Uninsured: Don't Fall Through The Cracks
  Auto Insurance Quotes: All You Need To Know
  Getting Medical Insurance While Pregnant Buying pregnancy Insurance While Pregnant
  Comparing Home Coverage

Article Tags: health care, insurance, insurance contracts, personal insurance
Referred by: http://www.searchengineworkshops.com



Related Forum Posts
Re: Insurance for Home Based Business? - hi there I'm a newbie here.I can get good information regarding the Insurance for Home based business and more. It's really safe to have Insurance for a home based business. Thanks a lot for discussing some important issues here and i feel really happy to be a part of this.
zipcar saves Gas cost - The gas prices haven't affected me in anyway. I use the Transit system and ZipCar. I love Zipcar 'cos it has Gas and Insurance included in the prices and they haven't raised that for a couple of years now.
Should FDIC Worry about FHLB? - What do you think the impact would be on the Bank Insurance Fund with Federal Home Loan Advances for business? Especially since you can obtain a grant when used in combination with FHLB advance. The grant can be used for anything you want for your business (down payment to a seller or franchise fees, working capital...etc.) This puts the borrower in a pretty good position. Should FDIC worry about FHLB?
New Small Business Topic - Hello everyone, I'm on the lookout for new topics to add to my site. We just launched a Franchising section and are planning Human Resources section. Do you have any thoughts for a new section? Here's a list of what we currently have: Angel Investors Branding Bank Loans Business Coaching Business Plan Franchises (New) Insurance Legal Marketing Public Relations Sales Small Biz Loans Venture Capital
Re: Should FDIC Worry about FHLB? - [quote="BizLoanz4u":3cde91n6]What do you think the impact would be on the Bank Insurance Fund with Federal Home Loan Advances for business? Especially since you can obtain a grant when used in combination with FHLB advance. The grant can be used for anything you want for your business (down payment to a seller or franchise fees, working capital...etc.) This puts the borrower in a pretty good position. Should FDIC worry about FHLB?[/quote:3cde91n6] Hi Michele, Could you first tell us a little more detail about both organizations?


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Providing Feedback

Designing Employee-Enhancing Training Programs

10 Steps to Excelling at Franchise Sales

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.