I find that there’s so much to be saved by looking at your insurance policies. Many people are over-insured, or they have the wrong insurance. Or, they’ve just purchased insurance ten years ago, and they never went back and asked: What has changed; do I still need these policies?
So, once a year—mark your calendar—and make that list. You can create a list on paper, or you can do it in a computer file. Don’t forget to let someone know where to find that list if something happens to you! What should be on the list? The type of insurance, the company and the contact information (those phone numbers and emails), the policy number, and whose name is on the policy.
Don’t be afraid to shop around for any kind of policy, because you can save a lot of money.
There are some things to watch for. With your homeowner’s policy, look at those replacement costs. Those can change. And, watch those premiums. Many of our premiums are paid by our mortgage company, so we’re not even aware that those policies are going up in price, and we don’t pay attention to that.
With your life insurance policies, things can change in your family. You need to check those beneficiaries. Ultimately, you need to ask: Do I still need life insurance? That comes with the question: Is someone dependent on my income? If so, and you need to replace that income, that’s what life insurance is for.
Then, of course, health insurance is very important. Keep a list of those preferred providers. Remember, this is an area that is changing rapidly due to Obamacare (Affordable Care Act). So, I’m encouraging everyone to watch for those updates. Check with the state’s Commissioner’s office. Pay attention to what’s going on.
With auto policies, compare those costs. Remember, liability insurance is required in Mississippi, so you have to have this insurance.
With disability, this is the one that’s overlooked. It is really important, because you’re more likely to become disabled than to die outright. Many employers will provide this. So, check with your employer to see if there’ some coverage or some person who works with your company.
Then, with long term care insurance, start shopping for this when you’re in your fifties. If you wait too long, it’s going to be too expensive. You need to get quotes from 2 to 3 companies. These are governed by our state Insurance Commissioner, so they’re pretty standard. You want to shop on price and reputation of the company, because you want to make sure they’re around twenty years from now when you need them.
It’s becoming much more competitive. So, there are many companies out there popping up. I like to have my property insurance with a local agent, because if something comes up, I want someone local to help me with those repairs. But, when it comes to life insurance or things like that, I don’t care; it can be national.