What You Need to Know About Insurance for the New Year
The New Year is just around the corner and it’s time to start thinking about what you want 2016 to look like. Do you want to get into better shape? Do you want to travel more or make your health a priority? What about your money? Who doesn’t want a little more moola to put in their pocket?
The good news is that for those who committed to financial resolutions for year 2014, 51% felt they were in a better money situation than a year ago. What better way to get a fresh start on your new financial goals than by reviewing what you need to know about insurance and your situation?
Here are 3 ways to make sure you are getting all you need from your insurance:
Consider critical illness & disability insurance
Life changes all the time. Sometimes we’re so busy being in the middle of it, we forget to take stock of everything that’s happened. Maybe you’re getting a little older, or you’re starting a family, or you just bought real estate. Whatever the case, you want to protect your people and property if something happens.
There’s a lot of talk about the importance of life insurance but the fact is that you are more likely to get diagnosed with a serious illness or disability and survive than you are to pass away quickly. This can bring unexpected expenses like lost wages from work absences, the need to hire homecare staff, or having the funds available to access medical treatments not covered by provincial health plans.
If you’re situation has changed, perform an insurance checkup and consider this kind of insurance so you can receive a lump sum payment when you need it. Make sure you read the fine print regarding the waiting periods because those can problematic if you’re not careful.
Evaluate your auto insurance policy
If you own a car, you likely have auto insurance. It’s one of the few insurance products that is legally required, so most people don’t think about it beyond buying the policy. But like everything else, taking a few minutes to go over your coverage can save you some money. What you need to know about insurance when it comes to your auto policy can save you a bundle every year.
Even if your current policy doesn’t expire until later in the year, it’s always good to do some comparison shopping and check out rates. There are new insurance options coming out all the time and it’s great to know your choices before going back to your company and negotiating a new rate.
Also, it’s important to ensure that your insurance policy can protect you. If you have started lending your car to your boyfriend or girlfriend, you might want to add them as an additional driver to your policy. Same goes for moving somewhere new, changing jobs, or transporting people for business purposes. Talk to your auto insurance provider about any changes to find out about coverage options.
Buy adequate home insurance coverage
Like your auto insurance, your home insurance can be just one of those things you pay every month and forget about afterwards. Do you remember all those floods that damaged or destroyed homes in 2013? Whole communities were wiped out.
Even if you weren’t personally affected by them, your insurance company probably was and they are looking for ways to recoup that loss. The point is that you need to review your coverage every year to make sure it still fits your needs. Premiums have gone up and so has the list of exclusions to coverage. Make sure you have what you need.
The most important thing to remember as you try to figure out what you need to know about insurance for the coming year is that you have choices. With the right research and by asking the right questions, you might even save a few bucks.
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