Insurance is one of those things in life that we tend to think about only when it’s needed. However, if you only revisit your insurance plan in a moment of crisis or claim, you risk being underinsured or worse yet, not insured at all.
There are several key landmark moments in people’s lives that serve as prime milestones and reminders to reevaluate your personal insurance. When these big events happen, give your insurance agent a call. You want to make sure your insurance reflects your current circumstances and provides just the right protection you need.
Marriage or Divorce
Whether you’re bringing a new partner into your coverage or trying to separate, this significant life change will mean adding or removing a person from your policies.
Look specifically at your health insurance, life insurance, auto insurance, and homeowners insurance or renters insurance.
Birth or Adoption of a Child
On this happy occasion, there are plenty of ways your insurance needs might change. Protect that new addition by evaluating your life insurance, health insurance, and disability insurance.
New Home or Home Renovation
It’s the biggest investment most people make in their lifetimes, so you want to make sure it’s adequately insured. Homeowners insurance, flood insurance (depending on where you live), and other adjustments to your personal property coverage are all plans you’ll want to consider. And if you were renting before, don’t forget to end that policy!
New Job, Promotion, or Career Change
Go over your benefits package carefully when you switch jobs or companies. Health insurance, disability, life insurance, and more are likely to change. Even if you’re staying at the same company but your salary changes significantly, you may want to adjust your disability and life insurance coverage.
Retirement
With retirement comes eligibility for certain senior benefits, substantial income changes, and more. This is an important time to evaluate your health insurance needs, your life insurance policies, and long-term care coverage. Note: Your health insurance plan may not cover long-term care, so consider investing in this type of policy now, before you need that kind of support.
Educational Milestones
If you’ve sent a child off to school, you will probably need to adjust your health insurance, and depending on their living arrangements, invest in additional coverage for personal belongings, such as renters insurance, now that they aren’t living under your roof. If they’ll have a car at school, make sure it has an adequate auto policy.
Health Changes
In the moment of your health crisis or major surgery, you’re focused on getting better, but there may be long-term consequences that result from your new condition. A significant change in your health may prompt a reassessment of your health insurance coverage as well as disability and potentially life insurance, if you have dependents.
Death of a Spouse or Dependent
The loss of a loved one is challenging to navigate. There are so many loose ends to address while grieving at the same time. During this difficult time, your local Wichert agent can help you sort through any necessary life insurance adjustments, adjustments to your homeowners or auto insurance, and any health insurance changes you need to make for the surviving family members.
Purchase of a High-Value Item
Buying valuable items like jewelry, art, or electronics might not be covered under your homeowners policy, so connect with your local Wichert agent to determine if you need additional coverage or even a separate policy for your valuables.
Change in Vehicles or Driving Habits
Buying any new vehicle, including recreational vehicles, campers, or boats, means a likely change in your auto insurance. Your insurance might need to change as well if you’ve recently changed the distance you commute to work or added a teen driver in your home.
Your local, independent Wichert agent is always thinking about insurance, so when the time comes and you hit one of life’s major milestones, don’t hesitate to contact us. We’re here to help our customers through all phases of life’s journey to make sure you have just the right amount of insurance to protect the ones you love.