A good insurance policy is worth paying for even if you never have to use it. Instead of paying thousands of dollars to repair your car, your home or to pay for medical care, you may only be required to pay a $500 deductible or $20 copay. However, it is important that you review your policies every so often to make sure that they still meet your needs.
How Often Should You Review Your Policies?
Ideally, you will review your existing policies once or twice a year to make sure that they provide the coverage that you need. It is also a good idea to make sure that you are still getting the best rate on your policy. Over the course of six months or a year, your insurance company may need to raise your rates or include other fees to help meet their costs. By reviewing your policies, you can find these increases and look for ways to possibly have them waived.
You May Need to Change Your Beneficiary
If you have just gotten divorced or your spouse has passed away, you may need to change the beneficiary on your life insurance policy. Otherwise, that person will get your death benefit if you pass away. Making a change may only take a few minutes, so it is something that you can easily stay on top of.
Have Circumstances in Your Life Changed?
In the event that you get married or your credit score goes up, you could be entitled to lower insurance rates. Talking to your provider or shopping around for another policy could help you save money on quality coverage. In some cases, you may get a lower rate automatically, but you should plan on calling your agent or looking at rates online anyway as it can be a good habit to get into.
When Can You Change a Policy?
You can cancel or modify a policy whenever you think it is to your benefit to do so. Make sure that your new policy takes effect before your current expires to avoid a lapse in coverage. Therefore, it may be best to have your new policy take effect on or before the date your current policy would expire.
It isn’t in your best interest to pay more than you need to for insurance. By taking a look at your policies and what you are paying in monthly or annual premiums, you can adjust your coverage or find providers who offer the lowest rates on the market.
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