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. In addition, there are potential estate law changes that are coming which may impact how much life insurance you may want to have.
#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 to review your options.
Disclaimer: The information provided here is general and intended as educational in nature. It is not intended nor should it be considered as tax, accounting, or legal advice. Investec Wealth Strategies and its advisors do not provide tax, accounting, or legal advice. We recommend you seek the counsel of your attorney, accountant or other qualified tax advisor concerning your situation.