Are You Protected? How (and When) to Review Insurance Coverages

Authored By: Landon Evans

Most people think of insurance as something you buy once and then forget about. But the coverage that made sense when you first purchased it may not match your life today. Income grows, families change, businesses evolve - and insurance that isn’t updated can leave costly gaps.

The good news: reviewing your coverage doesn’t have to be complicated. A quick check-in with your agent or advisor every few years or after major life events can help ensure your policies still protect what matters most.

Coverage for Your Career

Disability Insurance: Does It Still Fit Your Income?

Disability coverage is designed to replace your income if an illness or injury prevents you from working. But what happens if your income has grown since you first bought your policy? Many young professionals experience steady pay increases, new positions, or even career changes. If your coverage hasn’t been adjusted, you could be underinsured leaving you relying on a benefit that no longer matches your lifestyle or financial obligations.

Family changes matter, too. A policy that once only needed to cover rent and student loans may now need to provide for a spouse, children, or a mortgage. Reviewing your benefit amount, policy riders, and whether your coverage is portable from one employer to the next can make the difference between adequate and insufficient protection.

Liability Insurance: Expanding Your Safety Net

Veterinarians in particular need to pay close attention to liability coverage. Employer-provided malpractice or professional liability insurance may not cover every situation, especially if you do relief work, consulting, or own a practice. Understanding where your coverage begins and ends is essential.

Personal liability deserves attention as well. As your assets grow, so does your exposure. A basic auto or homeowner’s policy may not provide enough protection if you’re involved in a serious accident or a guest is injured on your property. An umbrella policy can extend coverage at a relatively low cost, providing peace of mind that your financial progress won’t be undone by a single event.

Coverage for Your Family and Business

Life Insurance: Protection Beyond the Basics

When you first purchased life insurance, the goal may have been simple — cover student loans or provide a modest safety net. But as life changes, so do the needs your life insurance must meet.

If you’ve married, bought a home, or had children, your coverage may need to replace years of income, fund college, or provide stability for a surviving spouse. For practice owners or those considering business ownership, life insurance can also serve as a tool for protecting the business; ensuring debts are repaid, partners are bought out, or operations continue smoothly in your absence.

Life insurance isn’t static. Just like disability or liability coverage, it should grow and evolve alongside your career, your family, and your goals.

When Life Changes, So Should Your Coverage

The best times to review your insurance are after major life events:

• A new job or promotion

• A significant raise in income

• Buying a home

• Getting married or having children

• Starting or expanding a business

Even without a big change, it’s smart to check in every couple of years. Policies you bought early in your career may no longer reflect the financial life you’ve built.

The Bottom Line

An insurance review isn’t about buying more coverage for the sake of it. It’s about making sure the protection you already pay for actually meets your needs today. Taking an hour to review your policies with your agent can save you and your family from painful surprises later.

We can help you assess what you have, spot any gaps, and explore whether your current policies are still the best fit for your situation.