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When was the last time you reviewed any of your insurance policies?  That is except for the cost?

When I was handling compliance and financial planning for a group of financial advisors I decided to learn from other people’s mistakes.  Have proper insurance coverage was the biggest lesson.

I have a personal disability policy in case I lose the ability to come to work. 

I have two life insurance policies, both are term policies.  One will be expiring in the next year or so.  At which point I will have to make a decision, I will have three options. See if I can replace the term policy with another term policy, convert the term policy to a permanent insurance policy or just let the coverage lapse.  Knowing that the wealthy use life insurance as a wealth transfer vehicle, I will probably do either the first or second option.

Do you have any coverage beyond your employer coverage?  Should you? I believe if you are married and have a spouse and kids, the answer is yes.

We recently had some items taken from or home.  Coverage that I thought I had, I did not.  I had not reviewed the policy in years and just paid the renewal, never questioning the coverage.  Never again.  Here I dropped the ball and failed to follow my lessons and suggest we all review our declaration sheets.

Other P&C coverage to consider is flood insurance, just about all policies exclude this as standard coverage, a special policy is needed. I have heard about policies on HVAC and other major appliances are available now.

One lesson that I learned was having coverage that was not tied to your employer.  Too many people lose all coverage one they retire, are fired or laid off.  So, I have personal policies for myself and encourage clients to do the same.

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