Your coverage needs are a lot like your socks. No, we don’t mean fluorescent and fabulous. We mean the ones that sit towards the back of the drawer, often unpaired.
They could use a yearly refresh, just like during open enrollment season (typically around the end of the year in November, depending on your provider). It’s the time of year when you have the opportunity to adjust your health plan and generally reevaluate your needs and investments.
So why not take a look at all of your policies, like your life insurance, home insurance, or car insurance, to make sure your coverage truly matches your needs in various areas of your life? A lot can happen in a year.
Ensure your life insurance policy keeps up with your ever-changing needs by following these 5 steps:
You may have had some big moments in the past year, or you may plan on shaking things up in the new year. Whatever changes happened or whichever stage of life you’re in now, it’s important to reassess so you and your family can rest assured that all your collective needs are met. Remember, open enrollment season is an opportunity to increase or scale coverage down based on your life changes and needs. Some of the biggest moments to take into account include:
All of these major life moments serve as reasons to reevaluate your coverage needs for your life as it is now and for whatever’s next.
Take a close look at your current life insurance coverage. How much do you have? Who is covered? Are you paying for any supplemental insurance? If so, how much coverage does it offer?
All of these questions will help paint a picture of whether or not you’re completely covered. You can also ask: What kind of policy will fit me best? For empty nesters, retirees or those looking to retire – you can find a couple of options that may be more suitable to your needs. Have questions, book an appointment with one of our agents!
Mull over all of your options. You can find something to work within your budget that can help keep you and your family covered.
Perhaps you have life insurance coverage through your employer. That’s great! And you aren’t alone. In fact, LIMRA found that over half of workers have life insurance coverage through their employer and believe the myth that it’s adequate. However, LIMRA’s study also found that only 29% of those workers surveyed believed they had enough coverage.
Typically, employers only provide the bare minimum amount of coverage – often only 1 or 2 times your yearly salary, when a best practice of financial experts is to buy at least 10 times your annual income in coverage. Additionally, if you change jobs, employer-provided life insurance often does not travel with you job-to-job. That’s why an individual policy through a third party can be ideal. With an individual policy, you maintain more control of your coverage, no matter what happens with your job. In many cases, an individual policy will stay with you as long as you continue to pay your monthly premiums.
Curious to see what amount of coverage could be right for you? Feel free to use our free life insurance needs calculator tool here.
Not every change in life is something you categorize as major. It’s the small details that can sometimes leave a big impact. While your information should always be up-to-date and match what’s documented on your policy, you also want to make sure your beneficiary's information is current.
Your beneficiary can be a child, spouse, sibling, or other loved one, as well as a non-profit or charity. Regardless of who your beneficiary is, setting this person or party up as a named beneficiary can help to financially support them with your life insurance proceeds. You can choose a primary beneficiary, as well as a contingent (or secondary) beneficiary. It’s a good idea to take time each year to review your policy and check that everyone’s information is current and they’re still who you want to entrust your financial legacy to.
You put in so much time and effort picking out the perfect health insurance policy and dental and vision plans to keep your family protected. So it only makes sense to put in the effort to help keep them protected with ample life insurance coverage, too. By spending some extra time on research into your life insurance options, you’ll have the confidence of knowing how much coverage you should have to help protect those most important to you.
Once you complete all 5 of these things, contact a specialized life insurance agent to discuss customized life insurance options. We can help you find one that fits your needs based on what’s happening in your life now, and what you hope your future brings, too
It began with a meeting on Nov. 5, 1947. Six AAA board members and staff huddled at Washington, D.C.’s famed Mayflower Hotel to forge something new. One of AAA’s primary missions since its founding in 1902 is keeping roadways safe. With the surge in people and cars in the United States during that time, AAA knew it would need to expand its traffic safety efforts.
If wanderlust has your imagination running overtime and you want to plan something extraordinary, consider one of these timeless rail journeys, where the on-board experience might be as memorable as the panorama of natural beauty unfolding around you.
This is my description
Manage My
Account
Join AAA Now
Live | Play | AAA Blog.webp)