An insurance agent has offered to review my policies and check the beneficiaries and policy provisions. Should I agree to this, or is this just another attempt to sell me more insurance?

Insurance representatives do such reviews as a service for the policyholders in order to verify and update beneficiary designations and to identify other changes that might be needed.

These reviews may reveal that you have gaps in your insurance or financial needs that you may be unaware of. Your agent may then suggest ways to fill these gaps. If you are satisfied with your insurance company and your agent, it is usually a good idea to have periodic reviews of your insurance coverage.

You could also hire an independent financial planner to do such a review if you prefer to get unbiased advice from someone who will have no incentive to try to sell you anything.

Regardless of who does this review, you should make it clear that you will be under no obligation to make any further purchases should you agree to have a review.

Case Studies: Evaluating the Benefits and Motives of Insurance Policy Reviews

Case Study 1: The Stolen Laptop

Sarah, a college student, left her laptop unattended in the library for a few minutes. When she returned, she discovered her laptop was missing. She immediately reported the incident to the library staff and campus security. The police were informed, and an investigation was launched to recover the stolen laptop. Sarah had insurance coverage for personal belongings, including her laptop.

She filed a claim with her insurance company, providing all the necessary documentation and police reports. After a thorough investigation, the insurance company approved her claim and reimbursed her for the stolen laptop’s value, allowing her to purchase a new one.

Case Study 2: Car Accident Compensation

John was involved in a car accident caused by the negligence of another driver. The accident resulted in significant damage to John’s vehicle, as well as personal injuries that required medical treatment. John had comprehensive auto insurance coverage, including collision and personal injury protection.

He immediately contacted his insurance company to report the accident and provided all the necessary details, including the police report and medical records. The insurance company assessed the damages, arranged for the vehicle repairs, and covered the medical expenses related to John’s injuries.

Case Study 3: Home Burglary

Emily returned home from work one evening to find her front door forcibly opened. She realized her home had been burglarized, and several valuable items were missing, including jewelry, electronics, and cash. Emily contacted the police to report the burglary and filed a claim with her homeowners’ insurance company.

She provided a detailed list of the stolen items, along with their estimated values and any supporting documentation, such as receipts or photographs.