Have You Reevaluated Your Insurance Coverage Since COVID Began? If Not, Here Are 4 Areas to Review Right Now
Life has likely felt like a whirlwind since the pandemic started. While adjusting to the new normal, it’s possible your insurance coverage has not been top of mind. But in reality, you could be missing out by not reevaluating your current coverage. Here are four insurance areas you should reevaluate right away.
#1: Health Insurance
This one may seem like a no-brainer. Your health insurance can protect you from sizeable, unexpected expenses due to serious illness. With new cases of COVID-19 each day, it’s important to make sure that your insurance is up-to-date for anything from routine check-ups to an unexpected emergency.
This is especially important if you obtained your coverage through the workplace, but your employment was impacted by COVID-19.
#2: Auto Insurance
Throughout COVID-19 lockdowns and working remotely, we’ve spent less time traveling and more time at home. Therefore, it is likely that your driving habits may have changed over the past year. If you’ve found yourself spending a lot less time in the car commuting or traveling, you can potentially save money on your car insurance. Report your updated mileage to your insurance provider and see if they are able to lower your premiums.
#3: Life Insurance
You may not want to think about it, but it is important to reevaluate your life insurance policies - especially amidst the pandemic. America has surpassed 500,000 COVID-related deaths, and you want to make sure that your family is taken care of should something happen to you.1
Also of note, the past year or so may have included some big life changes. You may have gotten married, divorced or had a child for example. Make sure that you are evaluating how these changes may impact your life insurance coverage needs.
#4: Identity Theft Insurance
Protecting your identity may seem like a less obvious area to look over, but COVID has caused us to spend much more time online. From online shopping to working from home, there are more opportunities for your identity to be stolen by online hackers. There are even scammers using COVID-19 to get your information. For example, they may pretend to be contact tracers or offer early access to a stimulus check. If you don’t have any protection currently in place, now would be a good time to consider identity theft insurance.
Take some time in the coming days to reevaluate your current insurance coverage and identify potential gaps. If you’re unsure whether or not to update or change your coverage, work with your financial planner or insurance broker to review your options. Contact our office for more information on how we can help you. David DeMore, CFP®, MSFS, EA is a tax and wealth advisor serving clients in Brookfield, Lake Country, Mequon, and Milwaukee.
This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.