Most of us are diligent about getting the oil in our cars changed regularly. And to maintain our personal health, we get routine physicals and dental checkups. But when was your last insurance checkup? You may be missing out on potential savings or valuable coverage. Schedule an insurance checkup on the following policies:
The more dependents you have, the more life insurance coverage you generally need. Perhaps your current coverage isn’t enough to protect your family, especially if the value of your assets has changed. Once your children are grown, you may no longer want to carry as much coverage, unless you’ve identified other needs for it. By making updates to your policies, you may realize savings on monthly payments.
Homeowners insurance policies
Often any settlement is helpful after disaster strikes. However, you’ll likely be in a better position to recoup your losses following damage to your home or assets if your policy provides replacement cost coverage of those assets rather than actual cash value. Expensive valuables should be covered by separate riders.
Disability insurance coverage
While you’re employed, it’s important that you’ve insured your most valuable asset — your earning potential. Disability insurance coverage provides a source of cash flow when you can’t work for an extended time because of an injury or illness.
Long-term care insurance
An extended illness requiring home care, assisted living or a nursing home stay could be a severe financial drain. A long-term care policy can protect your assets while allowing you to receive needed care. Talk to a professional to see if a long-term care policy may be right for you.
Collision insurance coverage
The older your car, the greater the possibility that collision coverage is more expensive than repairs would be. Unless a lender requires you to carry collision, consider whether it still makes sense to keep paying for this coverage.
Insurance coverage provides important protection. Ensure your coverage makes sense for your current needs. Then see what savings can be realized from making updates to your policies.
Article provided by Local Government Federal Credit Union.
The advice provided is for informational purposes only. Contact your insurance representative for additional guidance.