L.ife doesn’t always unfold as we expect. When it comes to insurance, certain events, some predictable and some not, can trigger a shift in coverage. “Anytime your life changes, this is a good opportunity to sit down and talk to your agent,” says State Farm Agent Melanie Bakala.
7 important times to review your insurance needs
When your current insurance contracts expire. If your home, auto, life, or health insurance is about to expire, take the time to talk to your agent. As your needs change, so should your insurance coverage. “A lot of people have tenure guidelines at the end of their term,” explains Bakala. “This is a good time to reconsider your reporting to make sure you have enough and the right kind.”
When your marital status changes. If you get married, have a child or adopt one, this may change your insurance coverage. On the other hand, the loss of a family member through death or divorce can result in a loss of insurance coverage.
When your children reach driving age. “A lot of people don’t think about it,” says Bakala. “Some companies are particularly good at evaluating young drivers. Also, check out all of the discounts they offer for being good students. At State Farm we have the Drive Safe & Save program that allows you to watch teens drive. It’s a great tool. “
When you move or remodel your home. As you make upgrades, the replacement cost of your home will likely go up. Or maybe you’ve moved. You’ll want to call your insurance agent to make sure you’re not overinsured if you’ve downsized your home, or underinsured if you’ve moved into a larger apartment.
When you start a business. Your insurance needs will vary greatly depending on the size and location of your company. In addition to commercial vehicle insurance, you may also want to consider property and liability insurance. Even if you work from home, be sure to review your homeowner plan to make sure your business and equipment are fully covered. “If you’ve lost benefits at work, you also need to look into life insurance and disability insurance,” notes Bakala.
When your employment status changes. You may start a new job, quit an old one, or just renew your expiring health insurance plan. The greatest danger is assuming that your public liability insurance will continue to exist even after you leave. “We have people who tell us, ‘I have life insurance at work,'” says Bakala. “People are constantly changing jobs. What the work offers doesn’t necessarily follow you. The worst that can happen is that you quit a job thinking that you are covered, and then something happens and you find out that it is not you. “
Once you’ve decided to retire. As you prepare for retirement, make sure you understand how your employer handles health insurance coverage once you are eligible for Medicare. “This is a really important time to see your agent,” says Bakala. “If you’re over 65 and in the last six months before retirement, you get a stack of mailers with varying reach. Call me. I’ll teach you everything you need to know about Medicare and supplemental guidelines, and help you make an informed decision. “
Find out more by checking out the Melanie Bakala State Farm website or call 360.426.2428 (Shelton) or 360.972.7905 (Lacey).