Each January, most of us make a New Year’s resolution or two. Some of the most common changes we make at this time have to do with our financial lives; we vow to get out of debt, save more for retirement, or stop spending money on frivolous things.
Those are all good resolutions to make, as they represent changes that can only better your life in the future. But many of you are overlooking another important part of your financial life. Have you taken care of your insurance needs?
Save money. If your goal is to save money, the right insurance plans can help you do just that. For example, when was the last time you compared auto insurance or homeowner’s insurance rates? If it has been more than a year or two, there is a good chance you could achieve a lower premium. And of course, we’re in the midst of health insurance Open Enrollment right now, too. The right health insurance policy can save you money on medical bills, and help you stay healthy (which is invaluable).
Lower your financial risks. An accident can happen to anyone, at any time. Whether it’s a car accident, something that occurs on your property, or even a personal lawsuit, we are all at risk of great financial liability at some point in our lives. Auto insurance, homeowner’s insurance, ands of dollars.
Prepare for the future. With your financial matters in order, it’s easier to prepare for a stable, secure future. But since nothing is guaranteed in life, we should all consider how our needs might change according to unforeseen events. The right disability or life insurance policies can protect your family in the event that you are injured, fall ill, or the worst happens and you pass away. Other forms of insurance, like long term care insurance or Medicare supplemental plans, help you prepare for changing financial circumstances in retirement.
As you organize your finances and budget.