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Many of us get so busy with the hustle and bustle of everyday life that our insurance policies typically get overlooked. Now’s the perfect time of year to take a look at all of your insurance policies such as auto, health, life, and homeowners in particular. Here are a few key pointers to keep in mind while reviewing each policy.

Health Insurance: If you are covered by an employer’s plan than typically you have one time of year where you can update or make adjustments to your insurance policies outside of a family life change such as birth, death, or marital status change. “Open enrollment,” for most, takes place in the fall, towards the end of the year. Therefore, any changes you make will take effect starting the new calendar year.

Plan ahead and review your current plan’s premiums, co-pays, out-of-pocket expenses, and annual deductibles. Compare them to other plan choices and possible increases for the next year if possible. Be sure to read each option carefully, weighing the pros and cons because your health plan choices can impact your take home pay tremendously.

Also, contact your benefits department to see if they have a health and wellness program for their employees. Many employers are adopting these programs to help encourage a healthier lifestyle. Extra incentives and cost deductions may be applied to your health insurance just for taking part in your company’s health and wellness program.

Life Insurance: Most people are under-insured when it comes to life insurance. Sit down with a specialist to review your policy at least once per year. A good rule of thumb is to have at least 10 times your annual income in life insurance coverage. This can allow your family to pay for college education, mortgage, funeral expenses, and other necessities to name a few. The aforementioned healthier lifestyle can be a cost savings to you. The higher health risk you are, the higher in cost for your coverage. There is not a “one size fits all” when it comes to choosing coverage. They will ask you questions and have you fill out a questionnaire to see what coverage fits best for you and your family.

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