A new year brings with it new dreams and aspirations. It also throws open new prospects and new hardships. You, therefore, have to be prepared for all the challenges and surprises that 2018 has in store for you. The various insurance plans are always present to help you along the way. However, you need to assess your insurance requirements and weigh them against the covers you have. Are there any definite checklists to follow? Sure there are and we have a few right here for you. Take a look?
Life insurance checklist for 2018
To ensure you have the best possible life insurance cover in 2018, you need to evaluate your current life situation. If there has been a major life changing event recently or is due, like the birth of a child, you need to re-evaluate your life insurance policy. Here are the points you need to consider:
- New family member: Like mentioned above, you need to take a new family member under the life insurance umbrella. So if you plan to get married in 2018 or are due to have a child, you need to expand your cover. The death benefit should go up. Life insurance requirements change with the changing scenarios in life. So assess the situation and make the changes accordingly.
- Responsibilities reducing: If your child is graduating from college in 2018, then you need to reassess your life cover as well. Similarly, if you are due to pay off your final home loan EMI in 2018, your life insurance policy needs revision. With responsibilities reducing, you don’t need to maintain a very high life insurance cover. You can rework the policy and select a lower cover that would suit your updated requirements.
- Death of a family member: If there has been a recent death in the family, you have to take it into account. Your life insurance should ideally cover your dependent family members. So if there are fewer people to protect now, you may not need the large cover that you had last year.
The principal aim of a life insurance plan is to provide the right amount of life cover. The people you leave behind after your death should not have to suffer financially. So check the requirements and have the best possible life cover for yourself in 2018.
Health insurance checklist for 2018
Just like life insurance, health insurance is tremendously important too. You need to take a hard look at your health insurance requirements for 2018. When looking, keep the following in mind:
- Change in group health insurance: A majority of us rely on the employer-provided health insurance plans. Whether you rely solely on it or you complement it with your own individual plan, you need to factor in any changes that happened in your group cover. For instance, if you changed your job and have a new cover now, is it sufficient? What are the new clauses? If you feel the sum insured is not appropriate, moderate your individual health insurance coverage accordingly.
- Expected medical procedure: Do you or any dependent family member have a big medical procedure lined up for 2018? If yes, then make sure you have enough health insurance. Top up your policy if needed.
- Modifications to the family: Births or deaths of family members have an impact on your health insurance cover too. So account for all the births and deaths in the family when checking for the most appropriate health cover for 2018.
Much like life insurance, your health insurance needs also needs to be scrutinised. So keep in mind all the life-changing events that happened recently or are due to happen this year.
The bottom line
It is important to evaluate your insurance requirements as only then will you be able to get the right cover. You also need to check your existing insurance plans very carefully. Make sure you aren’t paying too much premium for a redundant cover. Keep the points mentioned above in mind and tailor your insurance plans accordingly. Stay insured and make 2018 a memorable year in all possible ways.