Most people would agree that insurance is entirely necessary and a non-negotiable for themselves and their family but having insurance just for the sake of having it isn’t the best strategy. There are so many people who have insurance but have no idea what they’re actually paying for. That’s crazy!
Doing our research and looking at the types of insurance we currently carry to avoid overpaying is something often overlooked. Insurance decisions shouldn’t be “set it and forget it” type decisions. When we take the time to do a little research, we can protect ourselves and our families while pursuing the lives we desire.
No one wants to be hit with unexpected expenses during difficult times, and insurance is one of the easiest ways to protect our cash assets during emergencies. The key to getting the most out of our plans is to make sure the policies cover what is necessary without overpaying for services that are not needed. Did you know your homeowner’s insurance may cover items such as jewelry? So that additional plan you have for your wedding ring may not be worth it!
Reviewing insurance policies on an annual basis is one of the best things we can do. We tend to stick with the same policies year after year, when in reality, we should be reviewing and researching them annually. It also gives us the opportunity to adjust plans to add or remove coverage as our lives shift and change. Before the plan auto-renews, search for similar plans that may cost less. By reviewing plans annually, we are more likely to secure the comprehensive coverage we need at the best price, and potentially add more money back into our spending plans.
Added benefits of reviewing insurance plans annually:
- Peace of mind that as life changes, you have the coverage you need.
- Create security for yourself and your family.
- Free up extra cash by tapping into potential discounts.
Insurance certainly isn’t the most exciting topic, but it’s important to make informed decisions. We tend to shy away from change because we’re afraid, or maybe just don’t want to deal with it, but seeking help from a professional can also help reduce stress. Seeking counsel can not only help you save in the areas that matter most, but also help you to grow your knowledge and enable you to protect what you value most.
LIVING WELLthy™ is a combination of owning and growing our worth and our wealth. It means living for today and creating security for the future. Insurance is one of the easiest, and most accessible building blocks to put in place.
Jake Fromm | Lead Investment Analyst, CFS® | It is our mission to help you think differently about your wealth so you can LIVE WELLthy™ today and tomorrow.