Here is Why June 28 Can Be the Best Day to Re-Assess Your Insurance Coverage

NEW YORK, June 28, 2021 (Newswire.com) - Insurance gets a bad rap for being decidedly unsexy. After all, celebrities use insurance to protect some of their most glamorous assets. Business Insider reports that Julia Roberts has reportedly insured her smile for $30 million and Cristiano Ronaldo's legs are rumored to be insured for $144 million. But that's nothing compared to Mariah Carey, whose legs are said to be insured for a jaw-dropping $1 billion.  

While you're probably not using insurance to protect your body (but if so, good for you!), insurance is a useful tool for protecting you financially. Keep reading to find out why assessing your policies on June 28th, a.k.a. National Insurance Awareness Day, can help keep yourself and your family safe and debt-free.   

Types of insurance

Here are some different types of insurance you should consider: 

• Health insurance: Health insurance can help you pay for expensive medical bills and costs associated with medical issues. Buying insurance through your employer can sometimes be the most cost-efficient way to stay medically protected.  
• Life insurance: Life insurance can protect your loved ones if anything happens to you. If you have a family that depends on your salary, life insurance can give you peace of mind that they'll continue to be taken care of. To estimate the amount of life insurance you need, consider factors such as outstanding debts and loans, your mortgage, taxes, and education costs. 
• Auto insurance: Auto insurance can help cover car repairs if you're in an accident as well as litigation that could arise from it. It can also offer protection against things like natural disasters and theft.   
• Long-term disability: Long-term disability can help you in the event that you're no longer able to work. Even if you have a savings account and solid health insurance, the negative economic effects of no longer having an income can be staggering. You might be able to get short-term and or long-term disability insurance from your employer. 

4 reasons you should reassess your insurance coverage yearly

1. Starting a new job

Got a new job or secured a promotion? You'll want to make sure that your current policy is still a good fit for your financial needs.  

2. Taking on new debt

If you've recently taken out new debts, like a home equity loan, you'll want to make sure that you account for these changes to your monthly budget. Otherwise, you could wind up not leaving your beneficiaries enough to cover their living expenses.  

3. Birth of a child

Welcome a new addition to the family? Time to update your policies to make sure you're accounting for your new dependents.  

4. Starting a new business

It's likely that your new business required a large loan or personal investment. If you had to dig into your savings to fund your new venture, you may need to increase your life insurance policy to keep your loved ones protected if anything happens to you.  

National Insurance Awareness Day may lack the panache of other holidays (I'm looking at you, National Doughnut Day), but it's a day that can help protect your loved ones. Could a day devoted to delicious, circular pastries accomplish something that important? Stop thinking about it—the answer is no.   

Source: Credello