Virtually everyone has used insurance at least once. It comes in a wide range of forms covering practically everything, from life and auto insurance to protection for parcels in the mail. You can even insure items like your watch or smartphone against being lost or stolen. The list may genuinely be endless.
If it can be insured, someone probably offers coverage for it. But do you regularly compare your insurance needs with the insurance you own? Are you getting what you need at the right price?
Do you need life insurance when you’re young (you do) or should you wait until you’re older? How likely do you think you are to be in an auto accident? Are you covered if you become ill or injured and need an emergency room visit or hospitalization?
Depending on the answers to questions like these, you may wish to alter your insurance plans. That’s what National Insurance Awareness Day — observed on June 28 every year — is for.
Insurance has been available for thousands of years
Some of the earliest civilizations had insurance. Somewhere between 4000 and 3000 BCE, Babylonian sea merchants would purchase bottomry contracts. These had a ship’s owner use their vessel as collateral in exchange for a loan including interest. If the ship was lost at sea or heavily damaged, the insurer would be out of luck; but if the ship returned safely in good condition, the loan and its interest would be repaid.
Marine insurance continued to develop in new forms across the world, including in ancient Greece and those who traded with them. The Romans, while they were busy revolutionizing civilization, invented life insurance.
In the 17th century, the famous and still-existing Lloyd’s of London was founded. Its founder, Edward Lloyd, would gather information about shipments from docks and compile them into the Lloyd’s List publication. While its information-gathering is a little more sophisticated than when it began, Lloyd’s List is still being updated today.
“The appearance of the U.S. Department of Defense (DoD) visual information does not imply or constitute DoD endorsement.”Why evaluate your insurance needs?
First, consider what you want to be insured. Medical bills and your automobile are some of the most popular options. Other types such as life insurance are all too often passed over.
Even if you have all the insurance you need, you may be paying too much. Rates are constantly changing, and it’s worth the time and effort to shop around for the best price.
If your life circumstances change, so should your insurance. Have you taken a new job that requires driving in dense traffic? Has your health changed? What about your marital status? Many life events warrant taking a fresh look at your insurance options.
You don’t necessarily need to shop for a new insurance provider and go through the paperwork all over again. You can talk to your current company and ask if they have other choices or promotions that might better suit your life situation. Many insurance companies allow you to customize your plan online.
Seeking out other ways to lower your insurance costs is something else to consider. Have you purchased a new car with advanced safety features? Bring it up with your auto insurance company. Are you taking care of yourself better? Maybe hitting the gym more, eating well and better controlling your weight? You could be eligible for health insurance discounts.
Look at your insurance options on National Insurance Awareness Day
It’s strongly recommended that you take the time annually to look at all your insurance options and find the best policies and rates that fit your specific needs.
Perhaps the most important thing you get from insurance is peace of mind. Knowing you’re covered in the event of an incident makes you feel better with less stress and worry — which can mean a longer lifespan and better overall health.