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September is Life Insurance Awareness Month

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Thu, Sep 24th 2020 12:55 pm

AAA Members Insurance Agency offers tips

By AAA of Western and Central New York

It’s Life Insurance Awareness month, and AAA Western and Central New York has important life insurance tips. An essential component of insurance coverage, life insurance is not only highly recommended by AAA insurance agents, but your life insurance needs change based on major life events, so it’s important to review it regularly.

Here are AAA’s five most important tips to ensure policy owners keep up with their ever-changing needs.

1. Make note of your major moments

It’s important to reassess life events that may require you to your increase policy coverage or scale it down. Some of the biggest moments to take into account include:

  • Accruing new debt
  • Buying a home
  • Changing jobs
  • Getting married
  • Having a baby
  • Having health changes
  • Planning to retire
  • Receiving an inheritance

AAA also has tailored advice for empty nesters, retirees, or those looking to retire.

2. Analyze your life insurance policy

Reexamining your life insurance coverage annually is helpful. Key items to examine are:

  • How much do you have?
  • Who is covered?
  • What kind of policy will fit me best?
  • Are you paying for any supplemental insurance?
  • If so, how much coverage does it offer?

All of these questions will help paint a picture of whether or not you’re completely covered and help you evaluate all of your options.

3. Ask yourself: Is my work coverage enough?

Perhaps you have life insurance coverage through your employer. The coverage may not be enough, and does not guarantee you and your family will have adequate coverage. Typically, employers provide the minimum amount of coverage – often only 1 or 2 times your yearly salary, while many people use 7 times their annual salary as a starting point.

Additionally, if you change jobs, employer-provided life insurance does not travel with you. That’s why AAA recommends an individual policy through a third party is ideal as you’re in control no matter what happens with your job.

4. Keep your details updated

See that your address and contact information are up to date – to make it easier for your life insurance provider to contact you or notify you of any changes to your accounts.

5. Take the time for what matters most

Keep your family protected with just a little extra effort with ample life insurance coverage. By taking extra time to examine your policy, you’ll have the confidence of knowing how much coverage you should have to help protect those most important to you.

Once you complete all five of these things, contact a AAA Insurance agent to discuss customized life insurance options. AAA Western and Central New York offers a variety of insurance products: auto, home, renters, life, commercial, motorcycle, RV, pet and Medicare.

As Upstate New York’s largest member services organization, AAA Western and Central New York provides more than 887,000 members with travel, insurance, financial and automotive-related services. Since its founding in 1900, AAA has been a leading advocate for the safety and security of all travelers. Visit AAA at www.AAA.com.

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