As we bid farewell to 2016 and usher in the new year, many people are deciding to take up new resolutions to make the best of 2017. Typically, people make changes to their diet or take up a new hobby, but not many think about the health of their life insurance policy.
It can be easy to forget about life insurance as we enter the new year and partake in all the festivities, but it’s more important than you may think. After celebrating the holidays and being with loved ones there is no better time to start thinking about your coverage. Nothing is certain about the new year and for that reason alone you should ensure that your family is protected.
Make life insurance a new resolution of yours in 2017 and safeguard the financial future of those who matter most to you in the new year. Here are a few life insurance resolutions you can choose from.
Resolution #1: Get Coverage
If you haven’t bought coverage in 2016 now is the best time to do it. Whether you have people who financially rely on you or not, start looking into finding a proper life insurance plan. Being single or living alone does not mean this is a resolution you can skip. There is no telling what the future holds for you in the new year and you’ll need to be able to cover any final costs should something happen to you.
Also, whether you’re single or not, coverage will never be cheaper than when you are young and healthy. So, if you’re a young single and want to start 2017 off right, look into getting insured. If you have a family, then getting covered is much more obvious as you don’t want to leave your loved ones to deal with any final debts.
Resolution #2: Review the Coverage You Have
Heading into 2017 with a plan in place doesn’t mean you’re prepared for the year to come. This is especially true if it’s been a couple of years since you purchased the plan you own. See how your life has changed since you purchased your plan and make the necessary changes to your coverage. New life events like purchasing a larger home or having children will typically mean you may need more coverage in case something should happen to you.
If you’ve quit any particularly bad habits in the past couple of years, you could be eligible for lower rate coverage. Go to your doctor and get a record of your improved health to show to your insurer. If your health has improved enough, you can qualify for more comprehensive coverage at a cheaper rate. Quitting smoking or giving up a particularly dangerous hobby like skydiving are both examples of changes you should be reflecting on when reviewing your plan in the new year.
Resolution #3: Meet with Your Agent
Get to know exactly how your policy is working for you by sitting down with a trusted agent and discussing your plan. Many people often never think about their insurance again after the initial purchase, leaving them without any way to make more informed life insurance decisions for their loved ones.
Don’t simply look at whichever plan is the cheapest for you, sit with an agent and discuss your insurance needs. A licensed professional can help recommend a specific coverage option for you and explain any of the policy’s fine print. If you have any questions about your coverage or if you feel at a loss of what plan can work best for you, meet with a professional and ensure you are properly covered.
Resolution #4: Check Your Listed Beneficiaries
Updating your beneficiaries is an important step that anyone with a life insurance policy shouldn’t overlook. There are many changes that can occur over the course of a year that warrant a beneficiary update. Whether it is a recent divorce or your beneficiary passing away, both unfortunate events can leave you with a plan that doesn’t accurate reflect your best wishes. Make it part of your financial resolutions to check and update your beneficiary information as you enter the new year.
Resolution #5: Establish Relationships with Your Provider
Finding an insurer that works best for your needs and budget is an essential step to securing proper coverage. Once you do determine which provider you’d like to work with, begin establishing a relationship so you can potentially save more down the road.
If you continuously switch plans and switch providers as you age, you face the risk of being re-evaluated on your health and potential risk. Stick with a provider you like from the very beginning and build upon your relationship to incur a better buying experience in the future.