How to determine if your insurance policy suits your needs

An insurance policy is a fundamental aspect of every family’s financial plan; however, many people tend to believe that this does not require any additional attention to paying the premiums every month or every year. But this is a complete mistake; when an insurance policy is purchased, it is done with the purpose of being protected against any emergency, be it illness or accident. However, time passes and we do not review the updates of the clauses and the insurance market.

That is why it is convenient to check your insurance from time to time to ensure that your policy is sufficient and according to your needs.

Is my insurance policy on track?

The insurance policy is a critical aspect of your financial plan, but it’s also a component that requires regular evaluation as time goes on. So if you want to know if your insurance policy meets your expectations and is updated to your needs, you should ask yourself these 3 essential questions:

Do I have the right type of coverage?

There are several types of insurance policies, however, there are two types of duration; these are term and permanent. The option you choose will depend on your needs.

Do I have enough coverage on my policy?

The eventual changes that your life could have (marriage, birth of children) can cause the insurance coverage to be insufficient.

Can my policy expire?

The policies have different modalities, temporary and permanent; these are contracted as life or death policies. In general, they are contracted as a way to leave their family financially protected in the event of the death of the insured. Accident policies, maternity health, among others; they are usually for annual or monthly premiums and expire in 12 months.

Once the time has expired, the amount of the premium must be paid again for the aforementioned time. Some insurers provide financing for the policy, so you must be up to date with payments to avoid response failures in your coverage or any penalty for late payment.

An insurance policy must protect you against any eventuality in your life, so you must adapt it to your lifestyle or family. It is important to have an insurance policy that fully suits your needs and above all that you feel protected.

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