Family Insurance Check-Up

Just like your annual check-up at the doctor, you should be doing an annual review of your insurance policies.

When you have children, you get used to going to the doctor a lot. We usually have an outline of when their shots and physicals are due. However, when it comes to the rest of our lives, there doesn’t seem to be a check-up list—until now.

Family Insurance Check-Up List:

1. Auto Policy. Make sure all cars and drivers are correct. Review limits to make sure they fully protect your family. Review your deductibles and other coverage options like accident forgiveness. Make sure you are receiving all available discounts, such as Good Student Discounts and Multi-policy Discount.

2. Consolidate. If financially reasonable, keep all of your policies within one agency. This allows the insurance agents to know exactly what your family needs, and to identify any gaps in coverage.

3. Life Insurance. Review your life insurance policies and make sure that they are in force, beneficiaries are up to date, and coverage is adequate.  Check if it’s time to add a permanent policy to your ending term policy.

If you have a term policy, and recently had a medical issue that will prohibit you from getting insurance in the future, convert your term policy to a whole life policy so it doesn’t end.

4. Home Insurance. This should also be reviewed for discounts and replacement cost coverage. You should let your agent know if you’ve made any improvements to your home.  For example, a new roof might lead to an additional discount for you. Did you get any new jewelry or art this year that should be scheduled on the policy?

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