Start this year off the right way by pledging these six insurance policy resolutions. Have you checked your policies lately?
Now that the new year has rolled in and 'Janu-worry' is in full effect, it may be a good idea to implement a few insurance policy resolutions.With less cash in pocket, assessing where you could be paying less only makes sense.
Here Are Six Insurance Resolutions That Could Save You Big Bucks
1. Make a home inventory
With Christmas come and gone, we have collected our gifts and displayed them proudly in our homes. But, have you added your new valuables to your home insurance policy yet?It is important to remember that a household contents policy is thorough for a reason. All valuables that are not on your policy cannot be claimed on.After a fire, natural disaster, or burglary, you will naturally want the insurance claim process to go as smooth as possible. This so that you can replace your stolen possessions, or rebuild part of your house, in as timely a fashion as possible. Make one of your resolutions to add all valuables that are expensive to replace onto your household contents policy.
The key to making a claim is understanding your policy backwards and forwards. This means understanding what you are covered for, limitations, deductibles, co-payments, co-insurance, and what you are not covered for.For car and home insurance, look for the policy's declarations page. For health insurance, look for the summary of benefits.
3. Quit Smoking
Both health and life insurance policies typically cost less for non-smokers. While it may be incredibly difficult to kick the habit, your lungs, dependents, and pocket will thank you.Some insurers even help by paying for counseling and medication to help you quit.
4. Improve Your Credit
If your credit score needs rescuing make this one of your new years resolutions. Bad credit scores affect your premiums, as you are classed as a higher risk to insurers.
5. Find Out The Real Price Of Your Life Insurance Policy
Many avoid taking out the correct amount of life insurance as they believe it costs too much. Find out exactly how much will be needed to keep your family and dependents financially afloat in the event of your passing. You can then rest assured that assets, such as your family home, will not be liquidated should your family be unable to pay for them after your death.
6. Inform Beneficiaries On Your Life Insurance Policy
It is important to inform your life insurance beneficiaries who your insurance provider is in order to lessen the confusion in the future. According to the Florida Office of Insurance Regulation, $8.8 billion in life insurance benefits was left unclaimed in 2011 nationwide.In 2009, an investigation into the conduct of a Florida market discovered that life insurance companies were not taking adequate measures to search for beneficiaries of a life insurance policy. These companies had used the Social Security Administration's Death Master File to stop paying the deceased's annuity, but had not contacted the beneficiaries to inform them of the benefits available to them.