Life changes can affect your insurance needs. You may be entitled to discounts — make sure you’re not missing out!
Insurance has a reputation of being just another item on the to-do list. And we get it! No one wants to think about it day in and day out. However, when it comes to the coverage protecting you and your loved ones, it is to your detriment to simply “set it and forget it.” Even if you know you have good coverage, you should revisit it regularly to make sure it’s still serving your needs (and your wallet).
While you should be reviewing your insurance plans on an annual basis, you’ll want to do so during any major life event as well. Big changes in your personal, professional, and family lives may qualify you for discounted rates. Here are just a examples of how it pays to have your policies reviewed:
Getting Married And/Or Buying a Home
Whether you’re consolidating finances with a partner or becoming a first-time homeowner, this is a time that you’ll want to go over all your policies and see where you can bundle. With Erie Insurance, you qualify for a multi-policy discount when you bundle auto and homeowners insurance (life insurance can also be added). If you want to make sure you’re getting the best deal possible, be sure you talk to your agent.
Becoming a Parent
When you start having children, you want to be able to give them all you can in terms of protection and security. What you may not know as a new parent is that you are able to purchase a life insurance policy for your child. The policy has cash value as soon as the child turns 18, which can be extremely useful for college and other large expenses. Having the policy also means your child is automatically qualified should they choose to add more life insurance coverage as an adult.
Sending a Child to College
Before move-in day, you’ll want to make sure your child has the coverage they need for their unique circumstances — such as renter’s insurance if they will be living in an off-campus apartment. There may also be opportunities to save. Will they be leaving a car at home that other family members won’t use? Ask your agent about a reduced usage discount!
A lot changes when you transition into retirement — it’s not just how much free time you have. If you no longer have a daily commute, you may be able to classify your vehicle under “pleasure use” and save on your policy.
We all have big chapters in our lives that mark exciting changes. Of course, we all go through unplanned changes, too; that’s why it’s important to be prepared for everything we can’t anticipate. Life insurance is one of the best ways to ensure your loved ones won’t go unprotected. Talk to your Warren Weiss agent to see which policy is right for your family.