>> Jun 16, 2012
Keeping you insurance policies up to date is crucial because the last thing you want is to try and claim and realize your policy is outdated. Not only that, but not making sure your policies are up to date may even lead to a lapsed insurance policy. This is how people end up thinking that they are insured only to find, when disaster strikes, that they are not.
So you can imagine the pain that would be caused if you lost your loved one and later realised that their life insurance policy had lapsed. This would really be pouring salt on the wounds. So keep good records on your life insurance and be sure to contact your insurer on a regular basis to make sure everything is up to date.
Do You Need to Update Your Life Insurance?
You may even need to update your life insurance details and not even know it. Because our lifestyles are changing so too are our healthy and unhealthy habits. For example, a smoker will pay more for life insurance than a non-smoker due to the increased risk. So if you change some of your habits then make sure you check with your insurance company to make sure you are paying the correct premium.
Getting a Better Deal
Getting the best deal is not as hard as you think and it may just be a matter of shopping around for a great price. Be aware though that cheaper is not always better in the insurance industry as it may simply imply less coverage or stricter conditions on claiming. Life insurance is no different to car insurance and you may be covered for ten thousand, a hundred thousand or millions depending on your policy.
Be sure to call around to various insurance companies and make a list of the details so you can compare them later. If there are some that are close you might want to call the insurance company to see if they can offer you something better. Make sure you tell them about the other policies you have found.
Finding Additional Insurance Policies
There are many great insurance policies that you can add to your life insurance coverage. Just look at some of the products that can assist you and your family to carry on financially in any disaster:
● Income protection insurance – if you are the main breadwinner of the household and you are seriously injured, what will you do for money?
● Funeral Cover – this type of insurance will pay your family very quickly so they can cover the cost of a funeral.
● Accident and Injury Insurance – this will help you cover costs in the event of injuries and is very good for helping with expensive medical bills.
Adding a Spouse or Family Member
You should also look at updating your insurance policies so that you can add your spouse or partner. This can save a lot of money in the long run and make sure you are both covered should anything terrible happen. So keep your life insurance details as up to date as possible and don’t be scared to call your insurance company to see if there are any products better suited to you.