How to Have a Comprehensive Insurance Checkup

Most people think they have enough insurance to cover them in the event of an accident, illness or emergency. Understanding the different elements of each insurance policy and if the coverage is adequate can be a challenge. Re-evaluate your family's insurance needs when life brings change. New jobs, getting married and becoming a home owner are all times to do a comprehensive insurance checkup.

Instructions

Difficulty: Moderate

Things You’ll Need:

• Easy access to insurance policies

1. Review your life insurance policy every 2 to 3 years. The purpose of life insurance is to provide financial help to your dependents if you die.
2. Compare life insurance and disability income offered by a new employer with that of your previous job. Your financial planner or insurance agent will tell you if you need to add to permanent coverage or increase disability income to fill gaps.
3. Purchase life insurance for a new baby at inexpensive rates. Globe Life's Young American Plan and similar policies build cash value over time. This policy can never be canceled due to health or job changes.
4. Check homeowner's insurance when buying a new home. With a new home comes a new policy, so take inventory to be sure that your homeowner's insurance is adequate to cover total replacement of the home as well as its contents.
5. Purchase long-term care insurance to protect investments and to care for your needs in the event of an illness. Long-term care insurance is designed to pay for a variety of services.
6. Think about additional insurance coverage for expenses associated with incidents such as home invasion, kidnapping, car jacking or stalking. Check with your insurance provider to see if this type of coverage is available in your state.
7. Ask your employer annually if any changes or increases can be made to your group health insurance policy. Often inexpensive additions for dental and optical in addition to major medical can be done quickly and easily.

Tips & Warnings

• Schedule a yearly checkup with insurance providers to be sure your insurance coverage is adequate.
• Generally, life insurance should equal 5 to 8 times your yearly income.