When Timing Isn’t Everything: Don’t Wait To Evaluate Your Coverage

“Timing is everything.”  This saying is used liberally in a variety of situations, but for those of us in the insurance industry, this phrase makes us cringe.  While timing is important, waiting until the “timing” is right to purchase insurance, or re-evaluate your current coverage, could be a costly and devastating decision.  We have clients tell us that they need to wait until finances are better, bills are paid off, their kids are done with college, etc. before they adjust their insurance coverage on their health, their homes, and/or their lives to meet their needs.  Yes, budgeting for your insurance coverage is important, and we understand that monthly premiums can take a toll on your household finances, but failing to update your insurance as needed can be a much larger strain on your household income in the long run.

When you “wait for a better time” to update your coverage, you are leaving yourself and the ones you care about vulnerable to the financial effects of a health crisis, damage to or loss of a home, or the loss of you (or whomever the primary breadwinner in the home happens to be).  Think: if you were to pass away suddenly, how would your family pay for the resulting medical bills, funeral and burial expenses, and any debt you leave behind?  If your home was to face damage or destruction, how would you pay for it, and where would your family go?  If you have a health crisis, what will provide for your medical care, and for your family’s needs while you are unable to work? These are all questions we ask clients to consider when they choose to “wait” on updating or purchasing coverage.

Don’t let yourself and your family go unprotected this holiday season.  Give your loved ones a gift that gives peace of mind all year long, and update your insurance coverage.  If you are unsure of what you need, or how to go about getting coverage, give us a call or stop by our Winter Haven office.  Carroll Marshall Insurance can help you navigate the terms and conditions of various policies and customize a plan that fits your budget and needs the best.