How often do you review your insurance policies? Or better yet, when was the last time you reviewed what your coverage included? If you don’t remember, or it’s been close to a year, we recommend that with the new year officially upon us, now is a great time to do this.


Your Circumstances Could Have Changed

Every year, when you look back on the events that happened, many things could change what kind or how much insurance coverage you or your family may need. The size of your family, your living situation, or your current employment status could all affect your insurance needs. If you’ve encountered these events within the past year, and have yet to review your policies, we suggest that you do so sooner, rather than later.


Family Size

The size of your family will significantly change the amount of coverage you will need. This stems upon the fact that if you have a larger family, you may need more coverage to protect them. As well, you may need to remember to add or remove specific individuals from your policy. Below are some key family events that will require you to review your policies so you can make any necessary changes.


Welcoming A New Child Into Your Home

Adding to your family is a wonderful and heartwarming time, and while many can assume that they will need to add their new child to their Health Insurance policy, many forget about how their other insurance policies may need to be addressed. Specifically, when a child is born, many parents begin to think about how they can protect their child. Apart from protecting them medically with the right health coverage, you may also want to purchase a Life Insurance policy to protect them after you pass. This is so they can be financially stable, even if you can no longer support them. With this being said, if you already have a Life Insurance policy, bringing a new child into your family may require you to increase your coverage, or add them to the policy.


Tying The Knot

Getting married is an exciting time! And with there being so much to remember from ordering flowers to sending out invitations, after the event is done, it’s safe to say you can feel drained! So drained, that you may forget to add your spouse to your insurance policies! Forgetting to do so can leave them at risk for being financially responsible for any medication or treatments they may require, or even not being eligible to receive any support from your Life Insurance if they are not added to the policy. Additionally, you may find that when you bring your lives together, you may need to increase your other insurance policies to protect your assets better.


Separation Or Divorce

Similarly to getting married, getting divorced requires you to look at your insurance as well! Simply because you will need to remove your husband or wife from some legal insurance documents! From Health Insurance to Life Insurance, you will need to discuss with your broker where they should be removed, so they no longer qualify for your coverage. Additionally, if you are entering a divorce that will remove you from your spouse’s insurance coverage, you may need to purchase your own coverage, so you’re protected, no matter what.


Living Situation

As you grow older, your living situation will change. And whether you’re moving into a bigger home, or downsizing, it’s easy to assume how your Home Insurance may evolve over the years. But don’t forget about how your living situation could affect your coverage in other ways.


Acquiring More Belongings

If you’ve found that recently, you have more valuable items, you need to remember to have them not only appraised but insured. This will ensure that if something were to happen to them in a fire or a flood, your insurance company will be able to provide you with their true worth. This is crucial if you’re blending families, inheriting family heirlooms, or if you are upgrading your contents.


Renovations Or Moving

When you are changing your place of living, it’s easy to remember that you need to update your insurance. Specifically, because you will have a new building to insure. But, don’t forget that even if you do not move you sometimes need to adjust your Home Insurance if you are updating your home! Many renovations could require you to increase your coverage to ensure that you will receive its new worth! As well, it’s important to know, that some renovations, such as an in-ground pool or a new roof, may require you to meet specific requirements, have unique coverage, or allow you to become eligible for discounts.



Your job and workplace will greatly affect your insurance needs. And if you had any employment changes within the last year, it’s essential that you review your policies as many small changes could affect your insurance needs.


A New Job

Accepting a job offer is exciting, and while many employers may offer a Group Benefits Plan, it’s important that you research how much they offer! Sometimes, individuals find that it is not enough to fully protect their family, and purchase additional coverage. This is especially important if you’re entering contract or freelance work as there is often no coverage options provided in these positions. Additionally, if you are going to enjoy a wage increase with your new job, it’s important to remember that you could be able to afford a larger Life Insurance or Critical Illness plan to better protect your loved ones.



If you’ve recently entered retirement, or you’re planning to do so shortly, you need to review what your insurance options are. Often, many corporations do not continue to cover you under their Group Insurance Plans while you retire, so you may have to purchase a comprehensive plan on your own. It’s important to note, however, that while OHIP+ will be extending to individuals aged 65+ in August 2019, the coverage still may not meet everyone’s personal needs. So take the time to review what the expansion of OHIP will mean for you and whether you will need additional coverage.


Becoming Eligible For Discounts

Are you eligible for any discounts? If you’re unsure, it’s always worth asking as the longer you’ve been claim-free or the more upgrades you’re doing, can help you save more! While some could be as obvious as being over the age of 65, others may be unknown such as being part of an organization or having a home security network. But, whatever discount you think you may be eligible for, it’s always recommended that you ask your broker for a list of the discounts they offer.


If you’re unsure about how you should review your policies, what your insurance coverage includes, or your insurance needs in general, be sure to contact your Cambridge Insurance broker! We’ll be more than happy to help assist you in protecting yourself and your family, regardless of what major life events may have happened over the last year!