Many people don’t evaluate their insurance policies as often as they should. When life events happen, you should always take stock of what you have and what you need. If you moved, bought or sold a house, had a baby, got married, got divorced, etc. it’s an ideal time to speak to your insurance agent about your situation. They might help you save money or suggest that you add a particular type of insurance based on your needs.
Marriage or Divorce
When you get married it makes sense to assess what each person has insurance wise. When you own a home together, it’s likely you don’t need two policies for the same house. You should also talk about spouse life insurance – you want both parties protected should a tragedy occur.
On the flip side, a divorce means you have to step back and figure out what your needs are and what needs to be changed.
If you just got a new gig, then it’s time to look at your insurance needs. Maybe you need a bigger policy or maybe you need a smaller one. Either way, you need to at least talk to an agent about your situation.
Having a baby
When the newborn arrives in your home, it’s a life-changing event. It’s also another excellent opportunity to review your insurance needs. One of the first things you should consider is term-life insurance. Mutual of Omaha offers some great products in that area. Even if you have it already, it’s a great time to consider updating what you have. You have another mouth to feed and you have to consider putting the child through college down the road. A general rule is to have coverage around six to 10 times the amount of your annual income.
This is not a complete list of every good time to evaluate your policies, but it’s a great place to start.