Insurance Review for Baby Boomers

DENVER, CO, March 20, 2008 – Estimates show that there are over 80 million Baby Boomers, many of which have worked smart to create a good life for themselves and their families. Some even say that this will be the wealthiest generation to date. Unfortunately, many of their home insurance, life insurance and other insurance policies that have protected their assets over the years have collected as much dust as their high school year books.

When was the last time you reviewed your insurance policies? Do they reflect where you are now? If you've made all the right decisions regarding your retirement and investments, it's critical that your coverage keeps pace with your lifestyle expenses, protecting all that you've worked so hard to build over the years.

By reviewing your current policies and using this checklist, you'll be able to work with your insurance agent or shop for insurance quotes, to bring your insurance policies up date.

1. Life Insurance
When you first got married years ago, you bought a life insurance policy to protect your spouse. You may have updated it when you had children. Now you're home mortgage is bit larger, your children have been growing and they may even be in college. And let's face it; living expenses in this economy continue to go up every year.

An insurance analysis review will enable you to determine how much whole life insurance coverage you'll need as your life is today. This typically involves assessing your short term needs (credit card debt, funeral expenses, medical expense), your long term debts (mortgage, college tuition), and then calculating your living expenses to give you an overall coverage amount.

2. Home Insurance
If you upgraded your television to a HDTV surround-sound system in your newly remodeled family room, does your current home insurance policy reflect those changes? If you've bought expensive jewelry over the years or have begun to collect antiques, are those covered?

Your insurance agent can help you to increase the coverage of your home to support its higher value via a remodel, or add insurance riders to your policy to cover high ticket items that exceed the standard home insurance policy limits.

3. Liability and Umbrella Policies
If you've done well over the years and have the assets to prove it, you may also be susceptible to being sued. A higher level of liability coverage or the addition of an umbrella policy could protect all you've worked for.

Umbrella insurance picks up where your home insurance liability coverage leaves off, providing added protection for up to $5 million. For an average cost of $15 a month, it can provide you peace of mind.

4. Disability Insurance
You are far from being disabled. You're in great health, or may be in better health than you were in your 20's. But what if you fell off the ladder at home or got in car collision that kept you from working for months? Would your disability insurance be able to protect your current lifestyle for three months, six months or a year?

If the answer is no, your insurance agent can help you determine what level of disability insurance you would need to protect your finances.

With this checklist in hand, along with taking inventory of other toys you've purchased over the years, including boats, jet skis, snowmobiles, ATV's, campers, and the like, you'll be quipped to shop smart for insurance quotes or work with your insurance agent to bring all your insurance policies up to date.