Life Changes, and Your Insurance Should Reflect Those Changes
Reviewing your insurance coverage may not be on your yearly to-do list, but we highly recommend adding an annual review to your docket.
Consider that reviewing your insurance policy is as important as other routine maintenance in your life, such as your annual physical, trimming your crape myrtles, or filing your taxes.
Don’t just take our word for it! Master Agent Jeffrey Williams of Alcorn County finds that nearly ever review he conducts results in an improvement of his client’s financial situation:
“The Get Real client review has many purposes. One purpose of the review is to protect our clients and make sure they are covered properly. Another purpose is to create an open door policy so that our clients are comfortable to discuss any insurance need they may have. A third purpose of the review that has proven to be very relevant and important to our insureds is the opportunity to review options for available discounts. I recently received this text from a client several weeks after the review.
‘Hey Jeffrey. Hope y’all are doing great at the office. Wanted to shoot you a text and say thanks for working with me and lowering my monthly rate! Really appreciate it!’
Almost every review finds a way to improve a client’s situation. For this particular client, we were able to improve his situation by finding discounts available to lower his overall premium.”
Why Updated Insurance Coverage Is Critical
You’re Prepared for Sudden Life Changes
Emergencies occur without warning, and for Mississippians, this year has already contained more than its fair share: record flooding, tornadoes, and, of course, the coronavirus (COVID-19) pandemic. These events can be devastating if you are not prepared, and while there is no way to predict the future, there is a way to prepare for it.
In the midst of an emergency, we are reminded about the importance of keeping our ducks in a row. In an ideal world, all of our important documents, such as insurance policies, will, financial account information, and property deeds, are up to date and easy to access. Out in the real world, however, these documents may be scattered across boxes, stored in odd places, and possibly expired or out of date.
You’re Prepared for Gradual Life Changes
Life can change in the blink of an eye, but some changes happen slowly. We get older, businesses grow, and families expand. These incremental changes in our lives may cause our insurance to be out of date or inadequate.
For example: one year you may have no grandchildren, but in two years’ time, you may have three! If you’ve been spending that time as a busy, doting grandparent, adjusting your legal paperwork to include them as beneficiaries may have slipped your mind, or it may not have seemed urgent enough to make an appointment with your agent.
Keep Everything Up to Date With Your Local Farm Bureau Insurance Agent
An annual insurance review with your Farm Bureau Insurance agent can identify things like:
- ways for you to save on your current policies
- places where you may need to make changes to or add additional coverage
This annual review may result in a number of changes, like the ones below that we frequently see:
- As costs to repair or replace vehicles increase, you may find that your coverage is inadequate.
- Over time, our earnings and assets increase and lower Liability limits can leave you financially exposed.
- Older vehicles may not need the same coverage, which can result in lower premiums.
- Changes in drivers or driving habits need to be addressed so there is no issue when an accident occurs.
- Home improvements need to be considered when determining the insurance amount on your home.
- Building costs increase each year and you want to make sure you have adequate coverage to rebuild your home.
- Collectibles and other valuable contents need to be properly covered.
- If you are able to convert your term insurance policy into a permanent life policy, your agent will let you know when and if you should consider doing so.
- Did you get married? Divorced? Have a child? Avoid issues with your life insurance coverage by making sure your desired beneficiaries are correctly listed.
- If you have a new job, promotion, or are making more money, you should make sure that your death benefit will cover your family’s needs by increasing your coverage. Often, coverage at work is subject to changes and should not be relied upon solely to protect your family.
Schedule Your Annual Insurance Review
You’ll never regret being prepared. Have your insurance documents reviewed and updated now by scheduling an annual review.