3 Insurance Policies You Should Consider Increasing Now

A new year marks an opportunity for reevaluation For many Americans, part of that review involves taking a closer look at their finances and investments. This can include Surgery For conservation opportunities as well as areas where coverage may be valuable for increased protection.

Most values Type of insurance, after all, both costs and coverage are tied. Finding the right balance between the two is key. With that being said, an insurance policy must adequately protect both you and your beneficiaries. So the right amount is important. While some insurance is better than none, securing the appropriate amount is important.

3 insurance types to extend now

Here are three insurance policies you may want to consider taking out.

life insurance

life insurance Protects you and your loved ones through your giving Beneficiary Including a lump sum in the event of your death. depending on typeYou may be able to access a cash portion of your policy while alive. It can be used to pay off debts, medical expenses or other things. Just understand that this benefit is tied Whole life insurance policy, so you may need to change your insurance type if you want to take advantage of the cash factor.

Why you should consider growing it: Have you had any milestone events recently? Are you married? Buy a house? Have children? If you have significant debt or your family is growing, you may want to increase your life insurance coverage. If someone who wasn’t financially dependent on you before is now dependent on you, you’ll want a consistent amount of coverage. For any new expenses (such as a mortgage payment) that you may owe someone else if you die before the loan expires.

Start by getting a free online price quote so you know exactly what it costs.

Pet insurance

Pet insurance Protects both pets and their owners in case of illness or emergency. It can also be used to offset the cost of many common visits to the vet. And it’s not expensive (under $100 per month, depending on what you have the cat or the dog and theirs Breeding) Pet insurance doesn’t work quite like health insurance for people, although owners get it compensation As opposed to the insurer paying the provider directly after a visit.

Why you should consider growing it: More coverage can mean more savings. While an accident-only policy is good for things like, for example, broken bones, you won’t be going to the vet for it very often (and hopefully not at all). So you’re basically paying for something you don’t use. But if you increase your pet insurance coverage, you could find yourself running into extra savings. Do the math. Determine how much a larger policy would cost and then compare that to the potential savings. Don’t forget that one Higher deductible Guaranteed lower premiums can also save you money over time.

You can now get a free pet insurance quote in 30 seconds here.

Car insurance

Car insurance Protects drivers and their passengers in the event of an accident. In most states, auto liability coverage, which is mandatory to pay for damages and injuries arising from an accident for which you are responsible, is mandatory. You can also secure comprehensive auto insurance, which protects against damage caused by accidents and collisions, which can pay for damages to your vehicle.

Why you should consider growing it: “Americans are driving more than during the height of the pandemic, with a 1.6% increase in vehicle miles traveled, or nearly 39 billion miles, according to preliminary Federal Highway Administration data.” National Highway Traffic Safety Administration (NHTSA) said this month. More people on the road can lead to more traffic and potentially more accidents. Make sure you have enough coverage to protect yourself if something goes wrong.

Here’s how much coverage you need with Progressive – and how much you could save.

Bottom line

Everyone’s personal financial situation and goals are different. It’s possible that your lifestyle and plans for 2023 are the same as last year, so your current coverage may be sufficient this time around. But if you’re not sure if what you have is enough — or if you’re looking to take out a new policy like pet insurance for the first time — now is the time to act.

You can now easily check pet insurance prices from Insurer Lemonade online.