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Financial Capability Month: Insurance Coverage

April is National Financial Capability Month, once known as Financial Literacy Month, and is intended to boost our knowledge and skill to make responsible financial decisions. Ensuring your property (and health!) is adequately covered through insurance is a vital piece to your financial security and success.

If you’ve purchased property of any kind – home, auto, business, jewelry, musical instrument or other high-value item, or have invested in repairs to increase the value of your property, spring is a great time to ‘spring clean’ your coverage. Have a discussion with your Union Mutual-appointed independent agent about any life changes to be sure you are insured to the correct value of your property.

Here are some steps to consider when evaluating your insurance needs:

  • Create and/or review a financial plan or budget: Be sure to account for insurance coverage as a primary expense, and review annually to be sure you are covered to the property’s value and named insureds are accurate.
  • Take advantage of any financial planning your employer or financial institution may offer: Some employers’ retirement account managers offer financial planning services as part of their contract, and often these meetings are free for employees. Check with your bank or credit union for financial planning advice, and monitor your retirement savings and investments. Seek advice from certified financial professionals.
  • Take the time to talk about insurance and other financial tools with your teenage children: Instill money-smart thinking in the money-makers of the future by starting small at home. Age-appropriate conversations about money (earning, spending and saving) can better prepare the next generation to be responsible citizens.
  • Be aware of cyber security risks and other financial scams: Never give out your personal information, passwords, etc. to unsolicited individuals, and monitor your credit report annually for errors. If it sounds too good to be true, it probably is.

 

Additional Resources:

moneyfit.org/blog/financial-literacy-month

forbes.com/advisor/banking/national-financial-literacy-month-celebrate-learn-share/

extension.umn.edu/personal-finances/financial-capability-month