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Yacht Crew Insurance Terms 101

Beginner Level, 101If you are not working in the insurance industry, there is a good chance that insurance lingo can provide you with some head scratchers. Words and terms that we don’t use in everyday life can leave people feeling confused. So we thought it would be helpful to put together a list of terms that we find ourselves explaining frequently. Hopefully this list will give you a better understanding of healthcare in general, and be able to assist you when purchasing your future plans from the healthcare marketplace.

· Annual Maximum and/or Policy Maximum - The maximum amount that an insurance policy will pay for covered medical expenses. The amount can be different depending on the policy chosen.

· Coinsurance - The percentage of covered medical costs that you pay after you have met your deductible.

· Copayment or Copay - A fixed dollar amount that you pay directly to your doctor or physician, hospital, or other medical provider (doctor visit or CT scan) at the time of service.

· Cost-Sharing - Determines how much you will pay and how much your insurance plan will cover. Various parts include deductible, copay, and coinsurance.

· Deductible - The amount that you will have to pay out of pocket each year before your insurance plan begins to pay. Some benefits are not subject to the deductible.

· Emergency Evacuation – Transport of the insured person in the event of a life or limb threatening injury or illness which requires treatment at a different location.

· In-Network - Providers that are members of the approved network for your plan.

· Out-of-Network – Any provider that is not a member of the approved network for your plan.

· Out of Pocket Maximum - The maximum you pay during a policy year before your health insurance plan starts to pay 100% for all covered benefits.

· Pre-certification - Contacting your insurance provider for approval before having specific procedures. This process, as well as which procedures require it, can be different depending on your policy.

· Pre-existing Health Condition - An illness, injury, or condition, you had before joining a health insurance plan. All ACA compliant plans cover pre-existing conditions without a waiting period.

· Preferred Provider Organization (PPO) - A plan that allows you to go to any provider that you choose, however insurance pays less for providers that are not in your network.

· Provider - A person or company that provides health care service to you such as a doctor, hospital, urgent care, minute clinic, lab, pharmacy, etc.

· Provider Network - A group of providers with specific agreements to honor a particular health insurance plan or plans.

· Repatriation - A person returning to their home country or place of citizenship.

If you have any more questions about yacht crew insurance terms, please feel free to ask us or comment below! Having proper insurance is important whether you are at sea, or docked at a shipyard. MHG is your specialized broker when it comes to crew insurance. Our insurance specialists have the knowledge and experience to find the policy that works best for you. If you are interested in purchasing, or have any questions about yacht crew insurance or travel insurance, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com. For more information on preparing to work on a yacht, read our previous blog, “5 Things for Yacht Crew to Complete before Leaving Shore.”


Is Joint Replacement Covered Under My Insurance?

iStock_000064569677_MediumJoint replacement surgeries are becoming more and more common in today’s world. That nagging hip or knee problem you’ve been dealing with for years can now often times be met with a solution. For a long time, it was thought that if you were older and you had nagging joint pain, that you could chalk it up to arthritis and just take pain medication to make you as comfortable as possible. Now, people are having joint replacement surgeries, and while it is a long process that includes a lot of rehab, you can come out on the other end feeling like your younger self,ready to take on the world.

Common Joint Replacement Surgeries

· Total Knee Replacement- Did you know that the knee is the largest joint in your body? Healthy knees are important if you wish to live an active life. Knee replacement is typically recommended if you have limited motion, chronic inflammation, or deformity.

· Total Hip Replacement- Your hip is a ball and socket joint, which is covered in cartilage that can wear down from arthritis or injury. Replacement surgery may be recommended if you experience limited motion or pain that continues during rest.

· Total Shoulder Replacement- The shoulder is another ball and socket joint. If you have experienced damage through injury such as a torn rotator cuff or a fracture, you may need to undergo replacement surgery.

Do Your Research

Most health insurances, including Medicare and Medicaid, provide coverage for joint replacement surgeries, including Medicare and Medicaid. If you are considering a procedure, it is best to familiarize yourself with the guidelines that must be met in order to assure that your procedure will be covered. Also before scheduling anything, do your research and get estimates of what your costs and out of pocket will be, and find out your different coverage options.

One thing to be aware of is the difference between inpatient and outpatient procedure coverage. Familiarize yourself with your policy’s preauthorization process, different levels of coverage, your deductibles, and co-payments. Knowing your total out of pocket will help too.

Medicare

Medicare Part A and Part B typically cover surgeries in the United States that are deemed “medically necessary”. Joint replacement surgeries can be seen as medically necessary if prior treatments have not improved the patient’s condition. If a doctor has said that surgery is needed, you still may be liable to pay the Part A or Part B deductible before Medicare kicks in.

Rehab

Keep in mind that any joint replacement surgery will require an extensive rehab process. You should also include this during your research as many insurance companies will only cover a certain number of visits.

Your health is very important to us here at MHG, and the best way to stay healthy is to do your best to keep an issue from arising. That is why preventive care is so important. For more information, read our previous blog, “Breaking Down Preventive Care”. Sometimes there are things in your plan that you don’t understand, or words that you have never heard before. Our insurance specialists have the knowledge and experience to assist and guide you, your family, or group to the best coverage for your budget. If you are interested in purchasing a disability plan, health insurance, or life insurance, contact us at mhginsurance.com or call us at +1 954 828 1819.


Breaking Down Preventive Care

female medicine doctor measuring blood pressureThe Affordable Care Act has brought a lot of changes in the health insurance industry. Depending on who you talk to some of these changes can be good or bad. One thing that is usually universally agreed upon as a positive change is that insurance companies are no longer allowed to deny you coverage if you have a pre-existing condition. Another positive is that ACA compliant plans offer fully covered preventive care! Health is wealth, and taking preventive actions to ensure that you stay healthy is the best way avoid an illness or an issue. Also it is important to note that preventive services will only be fully covered when seeing a doctor or medical provider that is in your plan’s network.

What is preventive care?

Preventive care is typically a procedure that is done to detect or prevent an illness or condition. Preventive health care can be anything from screening for diseases such as diabetes to screenings and counseling for alcohol misuse and tobacco use.

Breakdown

Preventive care is typically broken down into three groups, adults, women, and children. Depending on your age and/or gender, different procedures can be termed preventive care. For example, children have certain screenings to test for conditions that aren’t needed as an adult, such as an autism screening. Further, while adults are able to be covered for certain preventive services, women may need more coverage than men for procedures such as a mammogram. For more information on what procedures are deemed preventive care for each group, visit HealthCare.gov.

Why is preventive care important?

Just because you feel 100% healthy, doesn’t mean that you shouldn’t be taking advantage of regular check-ups. Part of staying healthy is catching issues before they arise or early enough to correct them. There are many conditions that don’t offer any symptoms such as high blood pressure or high cholesterol. The only way to see if they are at healthy levels is to check them regularly. We can’t stress enough that everyone should be using preventive care!

Some things to be aware of

While receiving preventive care should be free thanks to the Affordable Care Act, there are some things you should still be aware of. First, if something is found during your screening, any treatment you receive to help your condition won’t be “free”. You will be required to pay for further treatments according to your insurance plan. Also, there must be a valid reason to receive fully covered preventive services. You either must be due for one, like women 40 and over receiving a mammogram every 1-2 years (per HealthCare.gov), or a doctor must prescribe it.

For more information about job based benefits, read our previous blog, “What You Need to Know about Company Sponsored Insurance Benefits”. Sometimes there are things in your plan that you don’t understand, or words that you have never heard before. Your well-being is important to us, and part of that is making sure you are properly taken care of. Our insurance specialists have the knowledge and experience to assist and guide you, your family, or group to the best coverage for your budget. If you are interested in purchasing a disability plan, health insurance, or life insurance, contact us at mhginsurance.com or call us at +1 954 828 1819.


Do I Need Insurance Coverage for my Drone?

droneTechnology has come a long way over the past few decades. Remember when the only “remote controlled” thing you saw was a toy car? Now it seems everything can be remote controlled, including drones!

From kids to adults, drones seem to be all the rage today. Walk through most neighborhoods on a Saturday afternoon and you will likely see someone flying a drone around. Companies like Amazon are even testing them to see if they can be used to deliver packages right you your house! And we’ve all heard the horror stories of people having their privacy invaded. They are even being used by the military. While drones are an amazing piece of technology, they still have the potential to cause damage, which is why you should consider getting proper insurance coverage to protect you and/or your business.

Is Insurance Mandatory?

While there is yet to be any mandates for insurance requirements to operate a drone, if you are using it for a commercial purpose, you must assume that at some point clients and others will want to see certifications that you are properly insured for every part of your business, which would include the drones. Not to mention, if any of your drones do cause damage, your company would be responsible for the damages. Part of running a good business is making sure all of your liabilities are covered.

Am I Already Covered in my General Liability Policy?

While general liability policies cover an extensive amount of your business, they typically do not provide coverage for aviation exposures. While many don’t consider drones to be dangerous, or part of the “aviation” community, if damage is caused to property or a person, legal action can be taken.

Is There Insurance for Personal Use?

Depending on the language of your policy, your homeowner’s insurance policy may provide coverage for recreational or personal use of a drone. Most homeowner’s insurance policies cover personal property, and since drones aren’t used to fly people or cargo, they may be included in your policy.

A larger cause for concern is the liability for damages that is caused by your drone, such as crashing into a window or a car. Physical damage isn’t the only liability you should be concerned with, as you should also look for coverage to protect yourself in case someone pursues an invasion of privacy claim, which should fall under personal injury. If you took a picture using your drone, and your neighbor felt that their privacy was violated, there is a chance they can file a claim against you.

If you own a business, and are looking for protection and would like more information about business insurance coverage, we would be happy to assist you. Also, if you are looking to purchase various forms of business insurance such as General Liability or Professional Liability, our insurance specialists have the experience to assist your business and offer advice in finding the perfect plan to fit all of its needs. For more information about the importance of umbrella policies, read our previous blog, “Why Business Owners Need an Umbrella Policy.” Contact us today at +1 954-828-1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.


The Top 5 Places to Visit in 2016

Top 5 Concept Clipped Cards and LightsIt’s time to start planning and preparing for your vacations for the upcoming year! With so many beautiful places around the world, trying to decide where to go next can sometimes be the most difficult part of planning a vacation. First deciding on what continent you would like to see, then what country on the continent, finally the city in the country, and so on. With so much to see and experience, you want to make sure whatever location you do decide on is one that you will definitely get the most bang for your buck.

Last year, with the help of Trip Advisor, we developed a list of the top places to visit for the year, “The Top Places to Visit in 2015”. 2016 brings new events and locations that are prime destinations for you and your family.

 

5. Budapest, Hungary

budapestComing in at number 5 on our list is Budapest. Well known for its history, Budapest is a wonderful example of old world charm. Once two separate cities on each side of the Danube River, Buda and Pest joined to make one city in 1873, helping it become one of the cultural capitals of Europe. See the Parliament building, take some photos in front of the Royal Castle, and end your day with a boat ride down the Danube River.

 

4. Botswana

botswanaA thriving country in Africa, this year Botswana celebrates its 50th year of independence from the United Kingdom. With a plethora of celebrations planned, this year is the time to make Botswana a top destination. It is also one of Africa’s top safari destinations. Get in touch with nature and see wildlife that you can’t find anywhere else in the world. Take a safari through Chobe National Park which has one of the largest concentrations of game in the entire continent, or through the Okavango Delta where many animals migrate to during the dry season.

 

3. Australia

australiaWhile taking the long flight to Australia can be expensive, these low gas prices could make right now your best bet to take a trip down under. Australia has so much to offer for every type of traveler. If you’re looking for an adventure you can dive the Great Barrier Reef. Or if you’re looking for a family friendly trip, get up close and personal with the unique animals that can only be found in the outback.

 

2. Venice, Italy

Venice - Rainbow over Grand Canal Venice is one of the most unique cities in the world. A city famous for having canals instead of roads, Venice is one of the most unique cities in the world. Widely regarded as one of the most beautiful cities in the world, a trip to Venice will leave you with lasting memories. While floating in a gondola with your significant other down the Grand Canal is definitely a bucket item, there are many other things that should be considered “must dos”. Visit St. Mark’s Basilica, stroll through Piazza San Marco, and soak in the history of the city which dates back over 1,000 years.

 

1. Rio de Janeiro, Brazil

Rio de JaneiroLastly, our number 1 destination for 2016 is Rio de Janeiro. Most of us will be tuning in this summer to watch the sports spectacle known as the Summer Olympics, yet Rio has so much more to offer other than hosting a sporting event. One of the most exotic places of the world, Rio is littered with world famous sights such as Christ the Redeemer, Sugarloaf Mountain, and Copacabana beach!

 

Now that you have some ideas of where you should be traveling in the upcoming year, don’t forget to protect yourself by getting Travel Insurance. As stated in a previous blog, “Tips Everyone Should Follow When Traveling Abroad”, it is important to have proper travel insurance coverage in case of an unexpected emergency while traveling abroad. Our Insurance Specialists have the knowledge and experience to offer advice or help select the best insurance plan for your needs. Safe travels!


Converting a Term Life Insurance Policy to a Whole Life Insurance Policy

Unrecognizable senior signing a contract with help of financial advisor. Having the proper life insurance policy is very important in order to protect loved ones in the event of an unexpected tragedy. A difficult part is deciding what the proper life insurance policy is for you. While at one point in your life, term life insurance made sense, now it may seem like it isn't the best option. Maybe at this point in time, having a permanent life insurance policy is a better option. If you find yourself in this dilemma, the following may help you make a decision on whether or not you should convert your term life insurance policy into a whole life insurance policy.

Is it Convertible?

Before you consider converting your term life policy to a whole life policy, you must first find out if it is convertible. Depending on the policy, there is a chance that you will not be able to convert to a whole life plan. If it is an older policy, it is more likely unconvertible as newer policies are more flexible to make changes.

Have You Developed an Illness?

Have you developed an illness that may be life threatening at some point? If so, most insurance companies will deny you coverage due to a pre-existing condition. Most insurance companies do not provide coverage for those with a pre-existing condition because the risk is too high. If you had a term life policy, you would be able to convert it to a whole life policy where the benefit never expires because you had already been insured. This is a way to get continued coverage if you have developed a condition that will make life insurance a necessity in the future.

Would You Like More Time?

When many people purchase a term life insurance plan, they make a decision on the number of years they would like to be covered, maybe 15 or 20 years to cover a child until they are an adult. However, life is full of surprises, and what you once thought was the right amount of years has turned out to be too short of time. Maybe you had more children, or have new dependents. You also could have new debt that you want to cover in the event something happens to you. If that is the case, converting to a whole life policy is crucial as the policy doesn't end until it is cancelled, or the policy holder passes away.

Want to Build Cash Value?

A term policy and a whole life policy can be compared to renting and owning. A term policy often costs less than a whole life policy, however you only have coverage for a limited period of time, like renting an apartment. A whole life policy lasts as long as you would like it to last, and the money that you use to pay for it will collect and build a cash value or become an asset, much like buying a house. Another benefit is that after a certain amount of time, you can take out a loan from your whole life policy, essentially borrowing money from yourself.

For more information regarding what life insurance options are available to you, read our previous blog, “What Are My Life Insurance Options?“ Whether you are purchasing life insurance for the first time, looking for better coverage or are interested in learning more about other types of insurance available to you, we can help! Visit our website at www.mhginsurance.com or speak with an Insurance Specialist at 954 828 1819. Don’t forget the deadline to enroll in a full-time health insurance plan is January 31st, 2016!


Transitioning from Yacht Crew to a 9-5

9-5Working onboard a superyacht can be a very fulfilling job. You will probably receive great benefits, have unforgettable experiences, and develop lifelong relationships. While there are many positives to working on a yacht, there are still aspects of the job that can be quite taxing on someone, and make them consider transitioning to a job onshore. If you find yourself wanting to settle down, and have a more stable position, the following is a list of things you need to consider when transitioning from a yacht crew member to working a 9-5 job!

Pay

Wages for yacht crew members are unique to each position. Crew members can make anywhere from $25,000 per year to upwards of $250,000. If you have been part of a yacht crew for an extended period of time, and worked your way up the ladder, there is a good chance that when transitioning to a corporate job, you will be making less money than what you have become accustomed to working onboard a yacht.

Expenses

Something else that must be considered by yacht crew who are transitioning to a 9-5 job is the additional expenses that you are going to incur. While working onboard a yacht, you don’t have to worry about expenses such as rent, car payments, grocery shopping, etc. These are expenses that are sometimes unavoidable in order to live. Also, many times people assume the cost of living is a lot less than it actually turns out to be in the end.

Work Environment

The work environment in an office is much different than on a yacht, so you may experience a bit of a culture shock. While working on a yacht, you are usually on call 24/7, and much is expected of you. Go above and beyond to keep guests happy, as they are usually paying top dollar. While you should still go above and beyond in any workplace, working in an office won’t require the same demands. For example, if something is broken on the vessel, you may be required to get your hands dirty and do some physical labor. Working in an office typically doesn’t require much physical labor.

Rules

Rules are rules, and they are not meant to be broken if you wish to have a successful career. An office setting has different rules than a yacht. There are privacy laws regarding clients, privacy laws regarding colleagues, local government laws that must be followed, possible federal ones, and everyone’s favorite, HR. Working in close quarters allows people to become close and maybe develop special relationships that may be inappropriate for the corporate world.

Benefits

The employee or job based benefits that people get working in corporate positions are different than those of people working on a yacht. For one, many places only cover 50% of your health insurance, while onboard a yacht it is usually covered 100%. Also, most jobs will offer some sort of retirement planning program like 401K that you can use to prepare for retirement.

Something to keep in mind if you are working for the United States for the first time is that the U.S. does not have socialized healthcare like many European countries do.

Having proper insurance is important whether you are at sea, or docked at a shipyard. MHG is your specialized broker when it comes to crew insurance. Our insurance specialists have the knowledge and experience to find the policy that works best for you. If you are interested in purchasing, or have any questions about yacht crew insurance or travel insurance, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com. For more information on preparing to work on a yacht, read our previous blog, “5 Things for Yacht Crew to Complete before Leaving Shore.”


Winter Sports: Are You Covered?
When you hear pizza and french fries, it’s unlikely that your initial thought is to go skiing. For those that don’t know, pizza and french fries refers to the way you position your skis. Point your skis together so they form a pizza shape in order to slow down, or keep them straight like french fries in order to go fast. Now you’re ready to hit the slopes!
  

The stress of the holidays are over, and we are in what is generally the coldest time of the year. The snow has built up and should now offer perfect conditions for an adrenaline rush skiing down a mountain. Many people take this time to go on a ski trip, or snowboarding trip, etc. So start dusting off your skis and jackets, and begin making checklists to make sure you pack everything. Including insurance coverage for winter sports!

Dangerous

It’s no secret that skiing and snowboarding can be a dangerous hobby. While moving down the side of a mountain at exhilarating speeds can be the time of your life, there is also opportunity for you to injure yourself. According to the National Ski Areas Association, skiing and snowboarding are responsible for 44.7 serious injuries per year.

Be Smart

While that may be a scary thought, it shouldn’t keep you from enjoying yourself! It should just make you wary and want to fully protect yourself. In order to help avoid injury, make sure you are wearing proper protective equipment such as a helmet and other padding. Take beginner’s classes if you are going for your first time, or need any refreshers if it has been awhile. Practice on easier slopes before trying to go on the more dangerous areas, and don’t try to “keep up” with those who may be much more experienced than you.

Coverage

If you are traveling abroad to go on a ski trip in the coming months, you should consider purchasing a travel insurance plan, if you haven’t already. In addition to travel insurance, you should also be looking to add coverage for extreme sports. Some travel insurance policies already include coverage for extreme sports, others you may have to purchase the extra coverage as an add-on to your current policy. Either way, it’s imperative that you look at your policy in order to determine if you will be covered for any medical attention that is needed from experiencing an injury while on the slopes. Here is a link to some more information of a plan that we offer here at MHG Insurance Brokers.

Planning to go on a ski trip? Read our previous blog, “The 5 Best Places for Skiing.” For more help on traveling abroad, read our previous blog, “Tips Everyone Should Follow When Traveling Abroad,” and don’t forget to pack your travel insurance! Not sure which plan is right for you? Speak with the insurance specialists at +1 954 828 1819 or +44 (0)1624 678668 or visit us at mhginsurance.com to help identify the right travel insurance plan for your particular situation. Safe travels and don’t forget, pizza and french fires!




Discover the Sights and Sounds of Prague
Almost 25 years ago, protestors in Prague, Czech Republic staged the “Velvet Revolution” which helped bring down the communist regime. Since the transition, Prague has become a top destination for those looking to experience a part of Europe that is truly one of a kind. Today, the capital of the Czech Republic is a cosmopolitan city with cozy and chic cafes serving delicious Czech foods like dumplings or fried cheese, Gothic cathedrals with architecture dating back thousands of years, and plenty of museums showcasing the incredible history of the region. Prague also is home to world famous nightlife. There are bars all around the city that you can pop into for an authentic Czech beer, or go clubbing at some of the various spots such as Cross Club or Bunkr Parukarka.

 

For those that don’t remember, the end of last year we wrote a blog, “The Top 5 Places to Visit in 2015.” Number five on that list was Prague, Czech Republic!

 

Prague Castle

One of the largest castles in the world, Prague Castle can take days to fully explore and appreciate everything it has to offer. Easily the top tourist destination of Prague, it was once the seat of power for the Kings of Bohemia and Holy Roman Emperors, and is still the home of the Crown Jewels of Bohemia. Today it is the seat of power for the President of the Czech Republic.

The Castle and grounds are made up of a plethora of different buildings varying in architectural styles ranging from the 10th to the 14th century. Walking through the grounds will put you right into the medieval times as you surround yourself by ancient buildings and walk along cobblestone streets. Some of the world famous buildings and attractions that make up the castle include St. Vitus Cathedral, Old Royal Palace, and St. George's Basilica. Many of the attractions warrant a visit, so plan accordingly when developing your itinerary in order to make the most of your time.

 

Old Town Square

Old Town square is a historic area located in the heart of Prague. The square is lined with gothic style buildings such as the Church of Our Lady before Tyn and the Church of St. Nicholas and statues such as the one of Jan Hus. A common theme throughout Prague is the historic feel from the older buildings and roads, which there are no shortage of here. One of the truly amazing attractions in the Old Town Square is Prague Orloj, an astronomical clock that was built in 1410. It is the third oldest astronomical clock in the world, and the oldest one that is still operating.

 

Charles Bridge

Charles Bridge is a famous bridge in Prague that crosses the Vltava River. Construction began in 1357 under the order of King Charles IV. The bridge is lined with 30 Baroque statues of religious figures, totals 16 arches and is 1,700 feet long! Take a stroll along the cobblestone and experience the amazing culture of Prague, as vendors line the bridge selling hot dogs, making jewelry, and painting beautiful scenes that you will surely want to hang up on your wall at home to forever capture a breathtaking site.

 

Museums

Prague is a very historic city, with much of its history dating back thousands of years, which is music to the ears of culture buffs looking for new experiences. With so much historic relevance from the area, it’s no wonder Prague is home to a variety of museums that should be on your itinerary. Visit the Prague Jewish Museum and learn about the Jewish heritage of the area and see some priceless artifacts of the Jewish community. If you’re looking for something unique to do, you can visit the Prague Beer Museum to do some tasting of Czech Republic Lagers. Other museums you may want to consider visiting include the National Museum, the Museum of Communism, and the Prague National Gallery.

 

Dancing House

If you are looking for a break from the historic buildings and museums around the city, make sure you visit the Dancing House, or Fred and Ginger. This quirky, and unique piece of architecture has gotten a lot of attention since its construction completed in 1996. Much of it because it doesn't match or blend in to the surrounding Gothic and Baroque architecture. The building was built by Vlado Milunic and Frank Ghery, and was given the nickname Fred and Ginger by Ghery after the famous dancers Fred Astaire and Ginger Rogers because the house resembles a pair of dancers.

 

Now that you know where your next trip will be, don’t forget to protect yourself by getting Travel Insurance.  Visit mhginsurance.com or call +1 954 828 1819 or +44 (0) 1624 678668 for help in selecting the plan that fits you best. Check out our previous blog, “Tips Everyone Should Follow When Traveling Abroad,” as it is important to have proper travel insurance coverage in case of an unexpected emergency while traveling abroad. Our insurance specialists have the knowledge and experience to offer advice or help select the best insurance plan for your needs. Safe travels!


When Was the Last Time You Reviewed the Amount of Your Life Insurance Policy?

It’s that time of the year! That time where everyone looks back on the past year and makes changes for the upcoming one. Whether it is taxes, budgets, even weight loss, the motto is “out with the old, in with the new!” However, you may have not originally thought to review your life insurance policy. It’s always a good idea to review any insurance policy periodically, but the end of the year brings a perfect time to look at your current policy, and see if it still offers the coverage you need.

 Do You Have New Dependents or Family Members?

A lot can change over the course of a year, especially when it comes to relationships and families. Did you get married? Did you have children? Do you have new dependents in your life that may need to be made a beneficiary of your life insurance policy? These are all questions you should ask yourself when reviewing your policy. Also, maybe you need to increase the overall value of the policy to account for new dependents.

Did You Have Any New Major Purchases or New Debts?

Many times, people decide on the value of their life insurance policy based on their outstanding debt. For example, if you have a mortgage of $200,000, it would be smart to include $200,000 in your calculation for your life insurance to cover the cost of the house if something were to happen to you. Purchases such as buying a house, buying a car, starting a business are all ways to increase your debt, and should be taken into consideration when deciding the value of your policy.

Did Something Change at Your Job?

There are scenarios of changes at the workplace that should give you a reason to review your life insurance policy. One is if you were to start a new job. There is a chance that your job offers employee sponsored life insurance based on your salary. This is a great benefit to have, so take the amount of coverage provided into consideration if you are purchasing a policy.

If you didn't start a new job, there are still changes that may have occurred over the past year that warrant a policy review. Getting a raise may give you more expendable income to increase your policy value. Also, if you received a promotion, there may be changes to the benefits provided to you such as the value of your life insurance policy.

Did You Move?

Moving always seems to bring more changes to someone's life than they originally expected. If you moved to a foreign country, there is a strong possibility that your life insurance coverage didn't follow you to your new home. Many life insurance policies are only covered in the country of purchase. However, it should be noted that there are several options for international life insurance coverage. If you would like more information on international life insurance, read our previous blog "Your Life Insurance May Not Have International Coverage".

Our wellness and security is important to us. For other things to consider with the New Year right around the corner, read our previous blog, “Learn Why the Start of a New Year is Important to Your Insurance Benefits”. Whether you are purchasing life insurance for the first time, looking for better coverage or are interested in learning more about other types of insurance available to you, we can help! Visit our website at www.mhginsurance.com or speak with an Insurance Specialist at 954 828 1819. Don’t forget the deadline to enroll in a full-time health insurance plan is January 31st, 2016!