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A new year marks an opportunity for re-evaluation. For many Americans, part of that review is taking a closer look at their finances and investments. This may include Insurance conditions for opportunities to save as well as where it may be useful to increase coverage protections.
The value of most types of insurance, after all, is related to both cost and coverage. The key is to find the right balance between the two. That being said, an insurance policy must adequately protect you and your beneficiaries. The right amount is therefore essential. Although some insurance is better than nothing, it is important to secure the appropriate amount.
3 types of insurance to increase now
Here are three insurance policies you might consider increasing in 2023.
Life insurance
Life insurance protects you and your loved ones by providing your beneficiaries with a lump sum of money in the event of death. But, according to the typeyou can also access a cash portion of your policy in his lifetime. This can be used to pay off debt, medical bills, or many other things. Just understand that this advantage is related to whole life insurance policies, so you may need to change your insurance type if you want to take advantage of the cash factor.
Why you should consider increasing it: Did you have any highlights in 2022? Did you get married? To buy a house ? Do you have children? In short: if you took on a lot of debt last year or have added to your family since then, you will want to increase your life insurance protections. If someone who was not financially dependent on you before is dependent on you now, you will want proportional coverage. Ditto for any new expense (like a mortgage payment) that you may end up forcing on someone else if you die before the end of the loan term.
Start by getting a free quote online so you know exactly what it costs.
Animal insurance
Animal insurance protects both pets and their owners in case of illness or emergency. It can also be used to offset the costs of many typical visits to the vet. And it’s not expensive (less than $100 per month, depending on whether you have a cat or dog and their breed). Pet insurance doesn’t work exactly like health insurance for humans, however, because owners get refunded after a visit to the location that the insurer pays the supplier directly.
Why you should consider increasing it: More coverage can lead to more savings. While an accident-only insurance policy, for example, is good for things like broken bones, you won’t be going to the vet very often (and hopefully not at all). So you’ll basically be paying for something you’re not using. But if you increase your pet insurance coverage, you could be vying for additional savings. Do the math; see what a larger policy would cost, then compare that to the potential savings it could result in. And don’t forget that a higher deductible could also save you money over time by guaranteeing you a lower premium.
You can get a free pet insurance quote in 30 seconds here now.
Car insurance
Car insurance protects drivers and their passengers in the event of an accident. In most states, auto liability insurance — which pays for covered damages and injuries resulting from an accident for which you are responsible — is mandatory. You can also get comprehensive auto insurance (which protects against losses not incurred in an accident) and collision (which can pay for damage to your vehicle).
Why you should consider increasing it: Traffic has increased in 2022 compared to previous periods of the pandemic. “Americans continue to drive more than at the height of the pandemic, with preliminary data from the Federal Highway Administration showing a 1.6% increase in vehicle miles traveled, or about 39 billion miles,” the official said. National Highway Traffic Safety Administration (NHTSA) said this month. More people on the road could therefore lead to more traffic and potentially more accidents. Make sure you have enough coverage to protect yourself in case something goes wrong.
Find out what coverage you need – and how much you could save – with Progressive here.
The bottom line
Everyone’s personal financial situation and goals are different. Your lifestyle and plans for 2023 may be similar to last year, in which case your current coverage amounts may be sufficient. But if you’re not sure if you have enough money — or if you just want to take out a new policy like pet insurance for the first time — now is a good time to act.
You can easily Check Lemonade Insurer’s Pet Insurance Prices Online Now.