At Performance Group, we view insurance as the foundation of a solid financial plan. It’s the safety net that protects everything you’ve worked so hard to build. However, one of the most common mistakes we see people make is adopting a "set it and forget it" mentality. They purchase a policy and file it away, assuming their coverage will remain adequate year after year. The truth is, your life is dynamic, and your insurance must be, too. A regular review is one of the most important acts of financial hygiene you can perform to safeguard your future.
Protecting What Matters: Our Guide to Reviewing Your Insurance Coverage
Life Changes Impact Your Needs
Your insurance needs are rarely static because your life isn't. Major events inherently change your financial picture and risk exposure. Getting married, having a child, buying a new home, or even a significant increase in income are all critical moments to reassess your coverage. A life insurance policy that was sufficient for a single person is likely inadequate for a growing family, and a standard homeowner's policy may not cover valuable new assets. We help clients adjust their coverage to match their evolving lives.
Your Business or Farm Is Evolving
For the business owners and farmers we serve across Central Indiana, growth is the goal. But with growth comes change and new liabilities. Have you purchased new equipment, increased your inventory, hired more employees, or expanded your operations? Each of these developments can create gaps in your existing commercial or farm insurance policies. An annual review ensures that your coverage scales with your success, protecting your new assets and mitigating new risks before they become a problem.
Uncovering Gaps and Overlaps in Coverage
A thorough insurance review isn’t just about looking for what’s missing; it's also about identifying what’s redundant. We often find that clients are over-insured in one area while being dangerously under-insured in another. You might be paying for overlapping coverages across different policies without realizing it. A professional advisor can analyze your entire portfolio to spot these inefficiencies, ensuring your dollars are allocated effectively to provide maximum protection without waste.
Keeping Pace with Policy and Market Changes
The insurance industry itself is constantly changing. New products become available, policy terms are updated, and state regulations can shift. An advisor stays on top of these developments to ensure your policies remain current and competitive. This could mean finding better rates, identifying new types of coverage that are now essential (like cyber liability for businesses), or simply helping you understand how changes in policy language affect your protection.
At Performance Group, we believe a proactive approach to insurance is non-negotiable. It's a dynamic part of the holistic financial strategy we build for our clients, integrating with tax and accounting insights to create a seamless safety net. Protecting what you've built is the first step toward achieving financial independence. If you're ready to ensure your protection is truly up to date, explore our resources to learn more about our comprehensive review process.