Have You Reevaluated Your Insurance Needs Lately?

by | Apr 26, 2021 | Financial Planning

It’s been over a year since COVID-19 made its way to the US. While adjusting to the new way of life, it’s possible your insurance coverage has not been top of mind.

Now more than ever, you want to make sure that you are properly covered in a number of different ways.  If the pandemic has taught us anything, it’s that the best time to prepare for the next crisis is BEFORE it happens.  We outline a few different types of insurance to reevaluate in the coming months.

#1: Health Insurance

Because of the pandemic, this one may seem like a no-brainer. Your health insurance can protect you from sizeable, unexpected expenses due to serious illness. With new cases of COVID-19 each day, it’s important to make sure that your insurance is up-to-date for anything from routine check-ups to an unexpected emergency.

Another potential hiccup caused by the pandemic was the rise in unemployment over the last year.  While that number has gone down, plenty of people lost their health insurance when they lost their job.  If your employment was affected in any way, it’s extremely important you evaluate the current status of your healthcare coverage.

#2: Auto Insurance

The pandemic has also caused a pretty sizeable shift in the amount we travel.  People are spending more time at home, and less time on the road and in their cars.  If you are working remotely, your commute may currently be non-existent.  Is that going to last forever?  Is that merely temporary for a few more months?  You may be able to save money on your car insurance if your need for a car has permanently changed.  Reporting your updated mileage over the last year, and you may be able to get a lower premium since you have been spending less time on the road.

#3: Life Insurance

While it is a morbid topic to discuss, the pandemic has certainly shed light on the need for proper life insurance coverage.  In a perfect world, the unfortunate situation of needing your life insurance wouldn’t come up until MUCH later in life, but we learned over the last year that sometimes the unexpected happens.  Should something unexpected happen to you, you want to make sure that your family members and loved ones are taken care of.

Also of note, the past year or so may have included some big life changes. You may have gotten married, divorced or had a child for example. Make sure that you are evaluating how these changes may impact your life insurance coverage needs.

#4: Identity Theft Insurance

The pandemic has also changed the way that most business gets done.  We are spending even MORE time online than ever before.  Remote work, online shopping, virtual learning and hang outs have become completely normal.  With more time being spent online, there is a greater risk of online hacking and identity theft.  Now could be a good time to look into the possibility of protecting yourself, and your identity online.

All of these different scenarios brought on by the pandemic are reasons to reevaluate your different insurance needs.  You may find that you are still properly covered, but it’s still worth double checking to give yourself peace of mind.  As fee-only fiduciary investment advisors, we don’t sell insurance policies here at Mullooly Asset Management, but we can certainly help you review your insurance policies and point you in the right direction should you require an updated policy. 

If you have questions about your insurance needs, please feel free to give us a call.  Click here to schedule an initial call with one of our advisors.  There is no cost or obligation.

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