10 Reasons to Update Your Insurance Coverage--Part 2
#3: Having a Baby
This is obviously a major life event and an excellent opportunity to review all of your insurance needs. But the first thing that should jump to mind is term life insurance. If you don't have term life insurance, get some today. If you do, make sure your policy is updated and that you have enough coverage to pay the costs to raise your new child, as well as to cover future expense such as a college education. Most financial experts recommend a coverage amount in the realm of 6-10 times your annual income.
#4: Joining a Carpool
With gas prices slowly moving up again, many people are trying to conserve by joining a carpool. This is a definite money-saver, just make sure that you have adequate liability coverage since you will be transporting more people on a regular basis. According to the Insurance Information Institute (III), 85% of frequent carpoolers do not adjust their car insurance.
Check back soon for part 3...
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