It’s going to be 2020 in just a little over a month! This time of the year is undoubtedly the busiest with the holidays, shopping, & traveling, but don’t miss out on the opportunity to bring in your new year strong! Reviewing your insurance coverage is not only smart, but it can also save you money! Each year, things change & with that, your insurance needs & budgets change as well. Maybe you downsized or upsized! Either way, let’s take a moment & ensure you are covered + maximizing your savings! I mean, the last thing you want is to be overpaying, or worse… experience unforeseen circumstances “uncovered” & unhinge your financial plan.
First, let’s take a look at the essential types of insurance coverage & a couple of corresponding questions to ask yourself as the end of the year approaches.
- Has or will your family be growing? If so, you may want to increase the amount of your life insurance to protect your loved ones.
- Has or will your net worth change? If so, it is a good idea to re-evaluate your life insurance to determine if you have the right type of coverage.
- Open Enrollment ends on December 15, 2019, for coverage beginning on January 1, 2020. If you do not act now, you could lose your insurance coverage. Plus, not all plans are available for the 2020 year. This means that you may need to choose a different plan.
- Has or will your income change? If so, you may qualify for a tax credit to help lower your monthly premium.
- Has your family size changed? If so, it is important to ensure everyone is covered with a plan that best meets their medical needs.
- Do you have a child going off to college or turning 26? If so, now is the time to explore what options are available to ensure your not so little one is still covered.
- Have you changed your driving habits? Maybe you are driving more or less than you were last time you reviewed your coverage. Either way, it is important that the coverage you have reflects your needs.
- Are you a student or no longer a student? If so, you may qualify for certain discounts.
- Did you pay an auto loan off this year? If so, you may be able to explore coverage options to save you some money on your premiums.
- Is your home worth more or less than when you secured your coverage? Don’t face coverage gaps; give us a call today to review your coverage.
- Have you made any upgrades or renovations? Any renovation or upgrade is a definite reason to review your coverage & ensure that your home & belongings are fully protected.
- Is your home still your primary residence? Depending on your living situation, you may be overpaying for homeowner’s insurance.
Dental & Vision Insurance:
- Do you wear contacts or glasses? Maybe your once 20/20 vision is no longer as crisp! Vision Insurance offers coverage or discounts for preventative eye exams, glasses, contacts, & unexpected visits to the eye doctor for a variety of eye-related illnesses or injuries. Some coverage may also even offer coverage or discounts on laser eye surgeries & more.
- Do you have an achy tooth or dental work you know you need but have been putting off? Dental insurance offers coverage for a variety of dental care issues &, most importantly, helps you to get affordable access to preventive care & treatment. Individuals who do not have dental insurance are typically less likely to get routine dental care & often times end up at the dentist when they have come across a significant issue. Unfortunately, this usually means the treatment is more extensive & certainly more expensive.
Next, let’s talk about some additional coverage that can make a huge impact in the event of an unfortunate event.
Critical Illness Coverage:
- Critical Illness is not something that we imagine happening to us. While we cannot prevent a critical illness from occurring, we can help to protect ourselves & our families in case we are affected. Critical Illness coverage is designed to provide a lump-sum cash benefit to help cover expenses associated with a qualifying serious illness. While a primary health insurance plan may cover some of the costs associated with the care & treatments involved, a critical illness plan will help with other challenges such as paying everyday living expenses while out of work.
- Do you ever wonder what would happen if you were involved in an accident? Accidents happen each & every day. Wonder if you were involved in an accident that left you with a stack of bills, even outside of what was paid by a health insurance plan? That is where Accident Insurance plays its role. In the event you were in this situation, your Accident Insurance plan would pay you a cash benefit for qualifying accidental injuries.