It’s Life Insurance Awareness Month, and AAA Western and Central New York has important tips for consumers. This year’s theme is Live Your Life Insured, since life insurance needs change with major life events. AAA Insurance Advisors say it’s important to review coverage regularly and have five important tips for policyholders to keep up with ever-changing needs:

1.    Make note of your major moments

It’s important to reassess life events that may require you to increase your policy coverage or scale it down.

Some of the biggest moments to take into account include:

•    Accruing new debt
•    Buying a home
•    Changing jobs
•    Getting married
•    Having a baby
•    Health changes
•    Planning to retire
•    Receiving an inheritance

2.    Analyze your life insurance policy

Reexamining your life insurance coverage annually is helpful. Key items to examine are:

•    How much do you have?
•    Who is covered?
•    Are you paying for any supplemental insurance?
o    If so, how much coverage does it offer? 

All of these questions will help paint a picture of whether or not you’re completely covered and help you evaluate all of your options.

3.    Ask yourself: Is my work coverage enough?

Perhaps you have life insurance coverage through your employer. That coverage may not be enough and does not guarantee you and your family will have adequate coverage. Typically, employers provide the minimum amount of coverage – often only 1 or 2 times your yearly salary, while many people use 7 times their annual salary as a starting point.

“If you change jobs, employer-provided life insurance does not travel with you,” explains AAA Insurance Manager David Kirst. “That’s why AAA recommends an individual policy through a third party, as you’re in control no matter what happens with your career.”

4.    Keep your details updated

See that your address and contact information are up to date to make it easier for your life insurance provider to contact you or notify you of any changes to your accounts.

5.    Take the time for what matters most

Keep your family protected with ample life insurance coverage, which requires little effort. By taking time to examine your policy, you’ll have the confidence of knowing how much coverage you should have to help protect those most important to you.

Once you consider these five tips, contact a AAA Insurance Advisor to discuss customized life insurance options.

AAA Western and Central New York offers a variety of insurance products: auto, home, renters, life, commercial, motorcycle, RV, pet, and Medicare. Learn more at www.AAA.com/Insurance.