We don’t want to see you bungling your insurance policies; that’s the idea behind this week’s tips. There are at least three easy ways through which you can leave yourself unprotected consciously or unconsciously.
By following these tips, you’ll no longer be part of the group of people interested in paying a higher insurance premium.
1. Skipping Your Insurance Bill
Why would you want to inconvenience yourself by failing to pay your insurance premium? It’s a sure ticket to facing cancellation and policy lapse.
Aside from leaving yourself unprotected, you’ll be slapped with a higher premium when you have to purchase another policy. It’s a no-brainer and cost you nothing.
2. Not Taking Your Ex-Spouse Off Your Life Insurance Policy
Things can go pretty bad if you forget to update your life insurance beneficiary to your new spouse after you remarry. You need to carry out beneficiary designation as part of your policy review process.
Passing your asset to your current spouse won’t be automatic. Your insurance policy is a contract, and the insurer is obligated to pay whoever is named in your policy.
3. Ignoring Your Annual Policy Review
Here’s one sure way to land yourself in an insurance hot mess. Ignoring policy review is putting yourself in the dark about your coverage limits.
As a policyholder, you need to know that change is constant. Many changes could have occurred since you last visited your insurer and insurance agent. We recommend at minimum every 3 years to do a policy review. Annual if you are prone to home updates, life changes, new purchases, etc.
Here’s the insurance tip of the week. They are easy to implement and solve.
Let us know if you are caught up in any of these issues. We can help guide you with a solution.