According to the U.S. Department of Homeland Security, nearly half of Americans will make at least one New Year's resolution. And with 2023 just starting, now is a natural time for introspection, putting a bow on the old year and evaluating your goals for the future.
Consider using this time to review your finances and set long-term goals. It's also wise to re-evaluate your financial protections, including, to ensure your coverage suits your needs.
3 insurance types to have in 2023
Let's dive into three popular insurance types to have in 2023 and how to optimize them.
It's essential to have sufficient life insurance to protect your family (or anyone that depends on you) from significant financial losses if you pass away.
pays out a death benefit when you pass, which could benefit your beneficiaries in numerous ways. If you already have life insurance, now is an excellent time to review your policy options and coverage amounts to ensure your designations still address your needs.
"Ask a trusted advisor to review your insurance coverage because, depending on your policies, you may have decisions that you need to make," advises Brian K Bruggeman, CFP, CTFA, director of financial planning at asset management bank Baker Boyer.
"For example, you may need to decide whether to renew or not, whether it's worth it to pay an increasing premium, or even how the policy is owned depending on your overall financial plan."
You can also benefit from revising the frequency of your payments. "Many life insurance carriers will offer a discount for paying annually," says Herman (Tommy) Thompson, Jr., CFP, a financial planner at Innovative Financial Group. "This could lead to an 8% savings per year."
If you're in the market for life insurance - or want to adjust your existing policy - start by getting a free online price estimate now so you know exactly what to expect.
may allow you to choose treatments for your ill or injured pet based on what your pet needs, not what your budget can afford. Veterinary bills can be costly, but most pet insurance policies can reimburse you for up to 80% of the vet bill minus your deductible.
Generally,, ranging from $15 to $40 per month to insure your cat and $30 to $70 for a dog. That's a reasonable price considering the peace of mind you'll have, knowing a pricey vet bill won't wipe out your finances.
If you currently own pet insurance, consider adjusting your coverage to meet your changing needs. For example, if your plan is too expensive for your budget, some providers likeoffer a baseline package for as low as $10 per month. If you like your coverage plan, you can still potentially lower your payment by 10% or 15% by changing your deductible, annual benefit amount or reimbursement percentage.
Most pet insurance companies make it easy to manage your policy online and devise a coverage plan that's perfect for your pet without breaking your budget.
You can get a free pet insurance quote now by answering a few easy questions.
You might consider gettingfor many reasons, but the main benefit is to protect your wallet and give you financial relief if something impacts your trip. Depending on your policy, your policy may cover a wide array of travel situations, such as:
- If something happens that prevents you from taking a booked trip
- If something happens during your trip that costs you financially
- If your luggage is lost or damaged
- If you suffer an illness or injury that needs medical treatment
When purchasing travel insurance, time is of the essence. Buy travel insurance soon after booking your flight or lodging to make sure you're protected against an event that delays your trip or causes you to cancel it altogether.
Also, remember that travel insurance isn't only for international travelers, as is often claimed. Given the prices in the current travel environment, travel insurance can also be a valuable addition to your domestic trips, especially if you've already paid for flights, lodging and activities.
Start comparing travel insurance providers now to find a cost-effective and reliable plan for your next trip.
The bottom line
As you set financial goals for the future, don't forget to review your insurance needs. Whether you need to purchase a new policy or adjust an existing one, recognize that your coverage needs to keep up with the changes in your life. When searching for insurance, shop and compare different insurers and policy options to ensure you have the coverage you need at an affordable price.
You can start by getting a free life insurance price quote online now.
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