Your insurance needs are shaped by your life situations. Whether you are expecting a baby, getting married, or downsizing, it is important to discuss the changes in your life with your insurance agent to understand how these changes will impact your insurance needs. Some of such important life changes are listed below.
Getting Married or Divorced
Before getting married, there are a lot of things you should inquire your insurance agent about, including getting a Homeowner’s Insurance, adding a driver to your Auto Insurance, making sure both you and your spouse have the right type of Life Insurance, and protecting your wedding with Special Events Coverage. This said, marriage will definitely lead to many changes in your insurance needs, and so will a divorce.
Having a Baby
Let your insurance agent know if you are expecting a baby, because in this case you might have to revise your Life Insurance coverage. This goes for both employed and stay-at-home parents.
Telling your insurance agent about your move will help you make sure that you have appropriate Homeowner’s Insurance or Renter’s Insurance for your new place of living. If you are adding on to your existing house, let the agent know, in order to revise your Homeowner’s policy to have a higher limit.
Sending Kids to College
If your children are going to college, it is something you should inform your insurance agent about, since they can let you know what is covered when the child is away from home. Moreover, if you are a cosigner on a loan, your insurance agent may inform you about Life Insurance for student loans.
Purchasing a New Car
Like every major purchase, such as house or apartment, car purchase is something to let your agent know about. Having a new car means having to get a new Auto Insurance policy.
Starting a Business
Having a business means purchasing specific types of insurance completely separate from individual insurance plans. Even if your business is home-based, you should consult your insurance agent to be aware what extra coverage is required for your business to have adequate protection.
Getting a new job is another major event you should relay to your agent. If you have a new salary at your new workplace, you might need to increase your Life Insurance. Moreover, your agent can give you information on the Life Insurance policies available for purchase through your workplace. In many case the employers do not offer enough coverage to protect your loved ones fully.
If your old auto or mortgage lenders are still listed on your policy, it will become confusing in the event of claims and claim payments, so make sure to let your agent know about changes in your lenders’ information.
Even if none of these situations apply to you, you will still find it useful to speak to your insurance agent every year as they can perform annual coverage reviews to make sure you have the appropriate coverage for your life at the best prices.