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Sunday, October 29, 2017

4 Life Changes That May Affect Insurance Coverage

Purchasing life,car, and homeowners insurance are all ways to protect yourself from unexpected incidents.  However, despite all efforts to prepare,these efforts might seem to be futile as life changes can affect your insurance policies in ways that may shock or damage you. Regardless of how much you insure your current vehicle or no matter the number of types of life insurance policies you currently carry, the changes you endure in life may change your coverage(lead you to a new path), and being aware of them can help you prepare and protect your finances from feeling a huge impact.

1.     A spike in Income
A planned or unexpected change in your income, whether you are going to be making less money or more annually, can have an unexpected impact on several of your insurance policies. Depending on the change, you may qualify for new discounts, special incentives, and other perks. However, if your income will be dropping, you may want to report it to your insurance company right away;to narrow down coverage, as your insurance agent may be able to adjust your premiums and make payments less of a burden.

2.      Marriage
Getting married can impact your life(good or bad) in many ways, but one area you may not consider right away is how this union can change your insurance status. Come to think of it, isn't marriage a life-changing event? For example, if you are a single woman and then get married, your name change and your marital status should be reported to your insurance company because you may have to merge your existing policies with those of your spouse, or possibly create new ones if required. If you and your new spouse plan to have a joint auto policy, this may save you more money,.I advice you consider it once you are married.

Getting married can also cause evident changes to your life insurance policy. You may want to change your beneficiary, or your spouse may want to add you( usually advisable). You might want to review your policies with a qualified agent to ensure they are modified in a way that will cover your both.

3.     Birth of a Child
A child is a blessed gift from God; it is one of life’s most blessed events, but it can also be one of the most difficult life changing event as well. Being responsible for the care and protection of an infant will now be a major priority for you( especially if you are a new parent who is inexperienced), and as such, you may have to adjust one or more of your insurance policies to include your child as a beneficiary or include him or her under a blanket of coverage.

If you adopt an older child and he or she is old enough to learn to drive, adding him or her to your car insurance policy may cause your rates to go up because of their age and driving inexperience. If you live in Northern Ohio, you may want to contact a Cleveland insurance agency to assist you in reviewing your car insurance, as the experts there may be able to help you find discounts and more affordable premiums.

4.     Buying a New Car or Home
You should notify your insurance carriers right away if you plan on buying a new home or automobile. The size of home you buy or the type of car you choose could radically change your insurance coverage.

Life can change unexpectedly and change in  your insurance status could occur unexpectedly as well. However, it does not have to result in higher insurance premiums or policy confusion, especially when you take great steps to plan for the future.

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