Life can change quickly and it’s important to ensure your insurance is keeping up.
Here are five important times to pause and determine if your insurance needs have changed.
1. Your marital status has changed
Whether you’re getting married and combining households, or divorcing and splitting up possessions, a change in your marital status can affect your need for life, auto and home insurance coverage. As you review your coverage, be sure to verify or change your beneficiary designations, if applicable.
2. Your family makeup changes
If you’re expecting a baby or adopting a child, you’ll want to protect your growing family with adequate life, critical illness and disability insurance. Losing a family member is another life event that may prompt a policy review. It’s important to review beneficiary designations on your existing policies whenever these types of changes occur.
3. Your teen gets a driver’s licence
If your child is just learning to drive, proper auto insurance is a must. Whether you plan to add them to your existing policy or have them purchase a policy of their own, be sure to talk to your insurance advisor about your options, including discounts that may be available for multi-vehicle policies or student drivers.
4. You make a major purchase
If you buy a home or vacation property, or take on a significant renovation, you should review your home insurance. But don’t stop there. When you buy, inherit or acquire items of value, like expensive sports equipment, a baby grand piano, or antique jewelry, it’s also important to check whether these possessions are fully covered by your existing policy or if you should consider protecting them with additional coverage.
5. Your employment status changes
If your income has changed recently because of a promotion, lay-offs, termination, retirement, or a change in your career aspirations, it’s important to let your insurance advisor know. Depending on your circumstances, they may recommend increasing your coverage or opting for a more affordable option. Plus, if you’re no longer commuting to an office or worksite, your auto insurance premiums might also change.
Bottom line: if your life has changed significantly, now’s the right time to review your insurance coverage. Not sure where to start? Reach out to me for an insurance and financial review today – or visit desjardins.com/en/tips.html for more helpful insurance tips.
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