If you’re like most people, once you buy an insurance policy, you stuff it away in a filing cabinet or in a drawer somewhere, and then you don’t think about it again. That could be a terrible mistake. It’s important you take the time every year to get those policies out, review them, and decide if they are still the best plans.
There are a couple reasons you should bring out those insurance plans every year. In fact, it could have a huge impact on your life and your finances.
At Longevity Brokers, it’s our mission to ensure you’re getting the best coverage for you and your loved ones. This article is going to look at some of the advantages of reviewing your policies every year. We can help you find the best life insurance plans, homeowner’s insurance policies, auto insurance plans, and much more.
One of the biggest benefits of looking at your plans every month is it could save you money. If you have had the same plans for several years, then you could be paying way too much for your insurance plans every month.
Every year more insurance companies enter the market. With more competition and more options, there could be much more affordable options for your insurance plans. Most people buy their plans from someone they know, or they choose the first policy quote that they get. That could be one of the worst mistakes
At the beginning of every year, take some time to look at your plans and get some new quotes for your plans. Comparing quotes is one of the best ways to ensure that you’ve got the lowest rates available.
Instead of wasting your time calling companies, let one of our independent insurance agents do all of that hard work for you. We work with dozens of highly rated companies across the nation. We can help you compare your auto insurance coverage, your homeowner’s insurance, and any other plans that you hold.
Your life is always changing, which means your insurance plans should be changing with it. If you haven’t looked at your policies in several years, then you could be drastically underinsured. This could apply to just about any policy that you have.
For example, let’s say that you’ve had a child in the past year, but you haven’t reviewed your life insurance application. There is a good chance your life insurance play is way too small. Not having enough life insurance is one of the worst mistakes you could ever have. Additionally, if you’ve gotten married, you’ll need to increase your insurance coverage.
To decide how much life insurance you can buy, there are a few categories you need to calculate. The first number you should add to the equation is your debts and final expenses. If you have purchased a home or taken on more debt in the past several years, then you will need to increase your insurance coverage. Make sure your life insurance plan is large enough for your family to pay off any debts and final expenses your family would be responsible for if you passed away.
The next number you need to toss into the equation is your annual income. The secondary goal of your life insurance is to replace your paycheck if something were to happen. The more dependents you have, the more life insurance you need.
Drop Plans or Coverage
Another way you can save money is to drop any plans that you don’t need or to trim down some of the supplemental coverage you’re paying for. Having plans and coverage you don’t need anymore can be a massive waste of money.
Instead of letting those plans collect dust, take them out, and decide if you really need them. One way you can trim down some of the coverage is to raise the deductible for your auto insurance or your homeowner’s insurance.
Working with an Independent Insurance Agent
There are over 800 insurance companies on the market, and all of them are going to have different rates. It can be a long and difficult process to find the best protection for you and your family.
If you’ve reviewed your insurance plans, you may have decided you need to find a different policy or get additional coverage. That’s where we come in.
It’s our mission to ensure you’re getting the best rates. Not having the proper insurance policies can leave you or your family with a massive amount of debt and other expenses. You never know what’s going to happen tomorrow, which means you shouldn’t wait any longer to get the insurance coverage that you deserve.
If you have any questions about any of your insurance plans, please contact one of our agents today. We have years of experience helping our clients in the Denver, Colorado area get the coverage that they need. Use our contact page or give us a call at (720) 209-4598.