The insurance policy that you bought, several years ago, might not be adequate today. If your life has changed, then so have your insurance needs. State Farm has some advice about five critical times to review your insurance.
Reviewing your insurance policies may sound boring and tedious. This is probably why many people avoid it. Keep in mind that if your life has changed then your current insurance policies might be inadequate. In some cases, reviewing your policies can reveal that you are paying for more coverage than you need. You might find a way to save some money.
State Farm has some great advice about when you should take the time to review your insurance policies. One good reason to review your current policies is when you realize that you need more health insurance options.
For example, let’s say that you purchased a health plan from a private insurance company earlier this year. A few months later, the insurer sends you a letter to inform you that your plan has been discontinued. Should you stay with that plan? Or, would it be better to switch to a new plan? A health insurance broker can help you figure out what is best for you.
Many people have health insurance coverage from their employer. If you lose your job, change jobs, or go from full time to part time, you could end up losing your coverage. Those situations are good times to review what your current plan covers, as oppose to other options that you are considering.
Another good time to review your insurance policies is when your family changes. When a couple gets married, it might be possible for one spouse to cover the other through his or her employer sponsored health plan. This might be less expensive than paying for the premiums on two, separate, plans.
Find out if your health plan covers maternity before a pregnancy occurs. This is the best way to be aware of what your out of pocket expenses might be if you don’t have that type of coverage. If a pregnancy has already occurred, it might be time to investigate the public insurance programs that could help with the expenses.
Divorce results in many changes to insurance plans. If you were covered by your spouse’s health plan, and are now divorced, you probably should seek your own health insurance plan. Many people select their spouse as their beneficiary on their life insurance policy. This may need to be changed after a divorce has occurred.
Will your teenager be driving this year? You should check your auto insurance policy, and find out if your teen is covered through your plan. If not, you may need to add coverage, or switch to a different policy. These are just a few examples of when a person should review his or her insurance policies. State Farm has some advice involving other life changes and how they affect your insurance needs.
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