Do you have insurance policies that need to be renewed before the policy expires?

If you have a term life insurance policy, it might be a good idea to review how much coverage you have and how much debt you have. If you took out a 10 year term life insurance policy that will expire in the next few years but you still have 10 years left on your mortgage, consider adding another layer of coverage while you are young and healthy. The rate will be lower and you will still be able to obtain the coverage you need.

If you have a property that is for sale, keep the coverage in place until the day after the closing. This ensures that you have coverage all day on the date of closing. After that, you can cancel the policy early and receive a refund.

If you are selling a car, keep coverage on it while people are test driving it. Once you have signed the title over to the other party, it is the other person’s responsibility to insure it. Keep coverage on it for the entire day and cancel it the following day. Again, you should receive a refund if you are canceling prior to the expiration date.

If you are uncertain about coverage, check with your agent. Pay for the coverage you need…not a bunch of extra unnecessary stuff.