Tips for reviewing and updating your policies before the end of the year

Share

Tips for reviewing and updating your policies before the end of the year

Table of Contents:

The end of the year brings with it a series of personal and financial goals that we set for ourselves to organize our lives. One of the most important should be to ensure the protection of our loved ones by reviewing and updating the life or health insurance policies we have.

On this occasion, the phrase "Don't put off until tomorrow what you can do today" fits perfectly because being adequately prepared for adversity is one of the most responsible decisions we can make as individuals.

In this article, we provide timely tips that will help you review and update your life and health insurance policies as 2024 ends.

Evaluate if your coverage still fits your lifestyle

You should analyze if your lifestyle is still the same as when you took out the policy; it is very likely that some aspects have changed: marriage, children, work, or perhaps new investments.

It is important to review if your life and health coverage is still aligned with your new circumstances or plans you have in the short and long term.

  • Life insurance policy: if your family has grown or you have taken on loans, you may need life insurance with higher coverage.
  • Health policy: if your medical situation has changed or a new member has joined the family, updating your health plan is key.

Compare options and look for broader coverage

Some life and health insurance policies have available riders; it is important that you frequently talk to your agent to explore the option of expanding your coverage or adding riders that ensure the protection you need.

Remember, insurance companies usually adjust their prices and offer new coverages over time. Before the end of this year, take some time to research and compare plans that can help you manage your policy better.

Check your current health status

Periodically reviewing and knowing your current health status is vital to accurately adjust your policy.

You should know that if you have pre-existing conditions, special treatment needs, or have recently undergone medical procedures, it is important to ensure that everything is up to date in your plan.

This will save you a lot of headaches, but above all, ensure that when you need medical attention, your insurance is fully aligned with your needs.

Research additional benefits

This is a very important point, because many times we are unaware that the additional benefits offered by the policies are focused on improving overall well-being.

It is very likely that you haven't used these benefits in the past, but by updating your policy, you might discover that they now offer broader options that could be useful for everyone in your family.

If the health policy includes discounts at specific health centers, access to gyms, special prices for maternity or specific seasons, it's something you should take advantage of.

Inflation and medical costs

After the Covid-19 pandemic and the consequent inflation it brought at all levels, medical costs, coverages, and premiums for some policies increased.

It is important for you to know that if you have not reviewed and updated your policies, you might be underestimating future healthcare costs.

Remember to always keep in mind that the annual review will allow you to adjust your policy according to contextual changes, ensuring that you remain covered against rising medical costs.

The peace of mind knowing that you are protected

It's important to keep in mind that the most valuable thing about reviewing and updating your policies is the peace of mind you'll gain from knowing that you and your family are protected.

The uncertainty of the future will always be there, and it can become very overwhelming, but if you have adequate insurance, it will allow you to live with the peace of mind and security that you will be protected against the unexpected.

There are only a few days left until the end of the year, so take the necessary time to review and update your life and health policies. This simple action will make the difference between being prepared for any eventuality or not.

Subscribe
to our blog

Don't miss out on the latest news and tips on your physical, mental, life insurance, health, technology, and marketing wellness.

Your privacy is important to us. BMI uses the information you provide to send you content about products and services that are relevant to you. You can unsubscribe from receiving these types of communications at any time. If you wish to obtain more information about the protection of your data at BMI, consult our Privacy Policy.

BMI-Logos_BMI

Request a quote