Year-End Insurance Checklist: Ensure You're Covered for the Year Ahead
As we approach the new year, it's the perfect time to review your insurance coverage to ensure your protection aligns with your current needs. Like any good New Year’s resolution, this checklist is achievable, meaningful, and most importantly it includes everyone you love.
Here's a comprehensive checklist to help you evaluate your insurance portfolio:
Review Your Home and Auto Insurance
- Has your home's value increased due to renovations or market changes?
- Have you acquired valuable items like jewelry or electronics that need additional coverage?
- Are your auto liability limits sufficient for your current assets?
- Have you installed security systems or safety features that might qualify for discounts?
Evaluate Life Insurance Coverage
- Have there been significant life changes (marriage, children, mortgage)?
- Is your coverage amount still adequate for your family's needs?
- Has your health improved, potentially qualifying you for better rates?
- Are your beneficiary designations up to date?
Assess Health Insurance Options
- Are your current prescription medications covered under your plan?
- Have your preferred healthcare providers remained in-network?
- Medicare beneficiaries: Have you reviewed plan changes for the upcoming year?
- Could a Health Savings Account benefit your financial strategy?
Check Personal Income Protection
- Does your disability insurance cover enough of your current income?
- Have you considered long-term care insurance as you age?
- Is your emergency fund sufficient to cover insurance deductibles?
Consider Emerging Insurance Needs
- With increased remote work, would cyber insurance protect your digital assets?
- Could identity theft insurance provide valuable protection?
- Do you need umbrella insurance to protect against lawsuits?
Remember, insurance needs evolve with your life circumstances and we’re here to help. Schedule a comprehensive review with me today and ensure your coverage continues to protect what matters most to you.
The start of a new year is your opportunity to close any coverage gaps and optimize your insurance protection for the months ahead. Happy New Year!
*This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. Copyright 2021 Advisor Websites.
