When’s the last time you stopped to think about insurance?

September is Life Insurance Awareness Month, so it’s a great time to take stock of insurance coverage you have, and insurance coverage you might want to consider.

• You may be eligible for a number of benefits – from vacation leave, to earned and scheduled days off, to sick leave.
• Your employer may offer some form of basic life insurance coverage.
• Additional private insurance is available for things like your credit (mortgage, loans, credit cards), your home and your car.

What is insurance for and how does it work?

In simplest terms, insurance is a means of protection from financial loss. You (or maybe your employer) pay a fee called a premium and, in exchange, an insurance company agrees to pay you should the event you’re insured against occur. Often, there is a deductible – an amount you pay up front before the insurer pays the rest.

Insurance can help ensure your family’s financial stability, bring peace of mind, and reduce stress during difficult times. Only you can decide how much insurance you need, and for what.

Bottom line: insurance is to protect you against a risk you wish you never have to experience.

What steps can I take to take stock?

• Gather your information so you can see exactly what you have for coverage. Be sure to check all sources: your insurance advisor, bank and employer. And don’t forget to check spousal coverage as well.
• Write out when and how your insurance pays out. For example, not all mortgage insurance pays the debt off when you die and not all home insurance builds you a new house. The details are important.
• Determine what you need. The more “Cadillac” the coverage, the higher the cost. Manage what risks you need to cover and be careful to not get upsold because you “may want it” some day.
• Cancel coverage you don’t need.
• Review your insurance coverage annually and when you experience a life event (e.g. retirement, marriage, divorce, death).

Insurance is one of the topics explored in our member workshops. Please check our website under Learning Events for upcoming workshops available to you.