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Don't Forget to Review Your Insurance
Written by MJS Editor
Friday, 25 August 2017 00:00

When was the last time you reviewed your insurance coverage? An annual insurance review makes good financial sense. Here are points to consider as you review your various insurance policies.

Bullet Point Health care. If you have an individual policy, investigate whether your employer, union or professional association offers a less expensive group policy.
Bullet Point Long-term care. Long-term care insurance may be advisable if you're between the ages of 55 and 72 and you don't have enough assets to fund long-term care.
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Bullet Point Life. The protection you need depends on the number of people who rely on you for support. Whole, variable, and universal life policies combine insurance coverage with an investment future. If you want insurance only, consider term life.
Bullet Point Disability. Studies show that less than one in six Americans own enough disability insurance to provide a comfortable lifestyle during a two-year disability. Disability coverage is generally limited to 60 percent to 70 percent of salaried income. If you have adequate emergency funds, electing a longer waiting period for coverage to kick in will reduce your premiums.
Bullet Point Homeowners. With fluctuations in the real estate market, it's possible that your home is now under- or over-insured. Coverage equal to the current replacement cost (excluding land), not its original cost, is advisable.
Bullet Point Auto. Liability insurance is a must, but consider dropping collision coverage if you can afford to repair or replace the vehicle on your own. Collision insurance is probably required if your car is financed or leased.
Bullet Point Umbrella liability. Personal liability coverage is included with most homeowner and auto policies. However, if you own substantial assets, umbrella coverage will provide additional protection at minimal cost.
Bullet Point Unnecessary insurance. Carefully examine policies with narrowly defined coverage (such as credit, travel, or cancer insurance). They often duplicate other coverage in policies you may already own.

As always, should you have any questions or concerns regarding your situation please feel free to call.

This newsletter is provided by
MJS Payroll Plus, LLC
27251 SR 54, Suite B-14/308
Wesley Chapel, FL 33544
Phone (813) 929-3098
Fax (813) 929-3099

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