Financial Tips for October: Protect Your Finances with Smart Insurance Choices

October is a great month to focus on protecting your finances with smart insurance choices. Insurance is often overlooked in financial planning, but the right coverage can safeguard your income, assets, and family’s future. This month, take the time to review your policies, evaluate your needs, and ensure you’re getting the best value for your money.

Here are three steps to strengthen your insurance strategy:

1. Review and Update Existing Policies

Life changes quickly, and your insurance should evolve with you. Whether you’ve bought a home, welcomed a child, changed jobs, or experienced health changes, it’s important to make sure your coverage reflects your current needs.

What to review:

• Life insurance: Do your coverage amounts still align with your family’s needs, debts, or income replacement goals?

• Health insurance: Are you on the right plan for your expected healthcare costs next year?

• Homeowners/renters insurance: Does your policy reflect the current replacement value of your home and belongings?

  
  

Pro Tip: Schedule an annual “insurance checkup” every October to stay ahead of renewals and open enrollment deadlines.

2. Check if You Need Additional Coverage

Sometimes, basic policies aren’t enough to cover potential risks. Adding supplemental or specialized coverage can prevent unexpected financial burdens.

Consider:

• Disability insurance: Protects your income if you can’t work due to illness or injury.

• Umbrella liability insurance: Provides extra protection if a claim exceeds your auto or home policy limits.

• Long-term care insurance: Helps cover costs of assisted living or nursing care, which are often not included in health insurance or Medicare.

  
  

Pro Tip: Think of insurance as a safety net - better to have it and not need it than to need it and not have it.

3. Compare Providers to Ensure the Best Rates

Insurance premiums can vary widely between providers, even for the same coverage. Shopping around ensures you’re not overpaying.

Steps to take:

• Request quotes from at least three providers.

• Ask about bundling home, auto, or other policies for discounts.

• Review your deductibles - sometimes raising them can lower premiums without significantly increasing risk.

Pro Tip: If you’ve maintained a good driving record or improved your credit score, you may qualify for lower auto or homeowners premiums.

Insurance isn’t just an expense... It’s a critical part of protecting your financial future. By reviewing your current coverage, identifying gaps, and comparing rates, you’ll ensure that you and your family are financially protected no matter what life brings.

BFG Wealth Management doesn't sell or recommend insurance products. Contact your insurance providers for more information.

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Disclosures: Investment advisory services offered through BFG Wealth Management, a Registered Investment Advisor. This material is for informational purposes only and should not be considered personalized financial advice. Please consult your insurance, financial, or tax professional regarding your specific circumstances.