Schedule a Free Consultation

facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog search brokercheck brokercheck Play Pause
Have You Reevaluated Your Insurance Coverage Since COVID Began? If Not, Here Are 4 Areas to Review Right Now Thumbnail

Have You Reevaluated Your Insurance Coverage Since COVID Began? If Not, Here Are 4 Areas to Review Right Now

Life has likely felt like a whirlwind since the pandemic started. While adjusting to the new normal, it’s possible your insurance coverage has not been top of mind. But in reality, you could be missing out by not reevaluating your current coverage. Here are four insurance areas you should reevaluate right away.

#1: Health Insurance

This one may seem like a no-brainer. Your health insurance can protect you from sizeable, unexpected expenses due to serious illness. With new cases of COVID-19 each day, it’s important to make sure that your insurance is up-to-date for anything from routine check-ups to an unexpected emergency.

This is especially important if you obtained your coverage through the workplace, but your employment was impacted by COVID-19.

#2: Auto Insurance

Throughout COVID-19 lockdowns and working remotely, we’ve spent less time traveling and more time at home. Therefore, it is likely that your driving habits may have changed over the past year. If you’ve found yourself spending a lot less time in the car commuting or traveling, you can potentially save money on your car insurance. Report your updated mileage to your insurance provider and see if they are able to lower your premiums.

#3: Life Insurance

You may not want to think about it, but it is important to reevaluate your life insurance policies - especially amidst the pandemic. America has surpassed 500,000 COVID-related deaths, and you want to make sure that your family is taken care of should something happen to you.1 

Also of note, the past year or so may have included some big life changes. You may have gotten married, divorced or had a child for example. Make sure that you are evaluating how these changes may impact your life insurance coverage needs.

#4: Identity Theft Insurance

Protecting your identity may seem like a less obvious area to look over, but COVID has caused us to spend much more time online. From online shopping to working from home, there are more opportunities for your identity to be stolen by online hackers. There are even scammers using COVID-19 to get your information. For example, they may pretend to be contact tracers or offer early access to a stimulus check. If you don’t have any protection currently in place, now would be a good time to consider identity theft insurance.

Take some time in the coming days to reevaluate your current insurance coverage and identify potential gaps. If you’re unsure whether or not to update or change your coverage, work with your financial planner or insurance broker to review your options.

Click here to schedule a call with a BWC advisor today.


  1. https://www.worldometers.info/coronavirus/country/us/

The information presented in this article is obtained from or based on sources believed to be reliable. BWC does not represent or warrant its accuracy or completeness and is not responsible for losses or damages arising out of errors, omissions or changes or from the use of information presented in this article. The article does not purport to contain all the information that an interested party may desire and, in fact, provides only a limited view. Information presented does not constitute an offer to sell or a solicitation of an offer to buy any security.

All investments involve risk, including loss of principal invested. Past Performance does not guarantee future performance. Individual client accounts and performance vary. BWC does not provide tax advice.

About Beirne Wealth Consulting Services, LLC – www.beirnewealth.com

Beirne Wealth Consulting Services, LLC (“BWC”) is a privately owned, SEC Registered Investment Advisor with offices in Connecticut and Pennsylvania. BWC provides independent, fee-based investment management services and customized financial planning solutions. Our institutional business provides consulting expertise to defined benefit and defined contribution plans, endowments, foundations and non-profit organizations. Our private clients include high net-worth individuals and prominent families, many of whom bring complex wealth management challenges and multigenerational planning needs. For more information, please visit www.beirnewealth.com or give us a call today at 888-231-6372.

*Registration does not imply a level of skill or training.