USBA Article: Make an Insurance Check-Up Your New Year's Res...

Make an Insurance Check-Up Your New Year's Resolution

USBA life insurance for military review checklist

Reviewing your current insurance policies should be done every year to ensure you're adequately covered and everything is keeping pace with the changes in your life as well as the world around you. Consider the following:

Home, Auto and Property Insurance: This area of insurance changes frequently which means there could be opportunities to get more coverage and perhaps save money. It isn’t unrealistic to consider getting new bids for all your non-life policies every 3 years to be certain you're not spending too much or getting too little for your dollar. It is also a good time to make sure your home policy covers any upgrades or additions you’ve made to your home since its original purchase. As you shop around, remember USBA membership entitles you to a group discount with our partner Farmers GroupSelect℠. Visit here for details.

Long Term Care Insurance: Many of us realize health care cost considerations are important, but few people actually figure this into their retirement policies. Fidelity Benefits Consulting offers some sobering numbers to consider. For example, a 65-year-old couple retiring this year can expect the cost of health care in retirement will be $220,0001. (This report assumes that the man will live 17 years and the woman 20.) Health care costs continue to be one of greatest expenses for retired Americans. Furthermore, it’s estimated the likelihood a person turning 65 today will need some kind of long-term care service is nearly 70%2. Long-term care insurance covers care generally not covered by health insurance, TRICARE, Medicare or Medicaid. The longer you live, the more likely it is that you will need long-term care at some point. And the younger you are when you buy the insurance, the lower your premium will be. Find out more about this insurance and other special opportunities offered through USBA membership.

Life Insurance: You might think you already did an in-depth review of your needs when you originally purchased your life insurance policy. At that time you considered your family’s financial needs, took inflation into consideration and decided on a coverage amount and term. Yet, every new year brings changes into our lives such as weddings, births, divorces, new jobs, new roles, variations in salary, etc. These important events should be reflected in your life insurance policy to ensure it is keeping up with your expectations.

Reviewing your life insurance is not as complicated as you might think. All you have to do is consider the following points:
  • What’s changed in your life since the policy was purchased? Have you gotten married, divorced or expanded your family? Does the original need the life insurance policy was intended to meet still hold true today?

  • Relationships and obligations change over time. Does your beneficiary selection need to be revisited? If so, send us an email or call us and we will send you the appropriate form.

  • Have you changed addresses? Visit the Member Service Center to download a change of address form.

  • Your financial circumstances or lifestyle may have changed over the years. Have you acquired more debt or increased your income? For your loved ones’ sake, be sure your policy is keeping track with these changes. Use the Coverage Estimator to see if your current coverage is in line with your needs today.

  • Have you lost a significant amount of weight or quit smoking? Improving your health is not only good for your life, it might be good for your life insurance coverage. Call us to find out.

  • Check the expiration date on your term policy. It’s important to keep track of this so you can extend it if necessary.

USBA is happy to help you review your current life insurance to confirm you still have the correct coverage to take care of your loved ones and obligations after you’re gone. Email us now for a complimentary life insurance review and we’ll contact you to discuss your needs. Or call us at 877-297-9235 Monday through Friday, 9:00 a.m.- 4:00 p.m. Central time and ask for a Product Specialist.

1 Source: Fidelity Benefits Consulting, 2014. Read more here.
2 According to, “How Much Care Will You Need?”