Free Insurance policy benchmark service
Compare current insurance policies with market options to minimize costs and maximize coverage
What is a Benchmark Insurance?
Benchmark insurance, also known as an insurance review, compares your insurance policies to current market options.
Comparing your insurance policy with other market options will analyze:
- Insurance premium cost
- Insurance coverage included
The benchmark will help determine if your current insurance coverage meets your personal goals and if the premium is competitive with the market.
In some situations, you may be able to decrease coverage and costs while in other situations it may be beneficial to increase.
The changes recommended will depend on your current situation, changes that are occurring, and your personal goals.
When Should I Review My Insurance Coverage?
You should be reviewing your insurance policies once a year. Chances are, the policy may not change and you will have comfort knowing everything is set up as it needs to be.
But, in those instances when a policy change is appropriate, you will be happy you reviewed the policies and kept up to date with it.
Why Should I Review My Insurance Policies?
As time passes, new products may come out that offer better coverage or are more affordable.
We may be in better health and able to get a better rating, allowing us to lower our premiums.
Reviewing your insurance policies will allow you to ensure:
- The insurance policy is aligned with your insurance goals
- The insurance policy is aligned with your current needs
- You are not overpaying for your coverage
Do Life Changing Events Impact Insurance Reviews?
An insurance life event is an event that occurs in one's life that would potentially cause a person to review and update their insurance policies or needs.
You will want to review your coverage any time a life-changing event has occurred. As we age and grow, life events change our insurance policy needs. We may need to update our insurance to reflect:
- A new beneficiary
- Different coverage needs
- More cost-competitive options
Four Types of Insurance Life Event
There are four main insurance life event categories that could trigger an insurance life event. If one of these events occurs, it is strongly recommended how the life event could impact your insurance needs.
In some situations it is likely you will want to increase coverage, however, there are situations in which you may not need as much coverage or a different product may be a better fit.
1. Career Insurance Life Event
- Changing jobs
- A change within your job such as benefits or ownership
2. Health Insurance Life Event
- A positive change in health
- A negative change in health
- A need for more living benefits
3. Family Insurance Life Event
- Divorce
- Children
- Marriage
- Parent Care
- Special Needs
- Beneficiary Update
4. Insurance Policy / Insurance Industry Event
- Policy loans
- Lapse protection
- Policy withdrawals
- Changes in tax law
- Change in mortality tables
- Policy performance based on interest rates
- Policies have never been reviewed or benchmarked
- Term policies are approaching conversation date expiration
How Do I Compare Insurance Policies?
In order to benchmark insurance, you will need to schedule an appointment with an insurance agent. The insurance agent will need your current insurance policies ahead of time in order to put together the benchmark.
Once an agent has an insurance policy, they will be able to identify:
- Type of policy you have
- Your current insurance coverage
- Your current insurance premium
In addition, the agent will need to know the context of the insurance policy. He or she should know what your current insurance needs and goals are.
After understanding your situation, the agent will be able to reach out to vendors to receive quotes on your behalf. Once received, the agent should review each option with you to discuss the pros and cons.
With this information, the agent will work with you to determine:
- Do you have adequate coverage?
- Have any changes occurred in your life that would require a change?
- Are there any better or more affordable products available to meet your needs?
Five Types of Free Insurance Benchmarks We Do
Langan Financial Group provides insurance reviews for a variety of policies, including:
- Group Insurance
- Long-Term Care Insurance
- Long-Term Disability Insurance
- Short-Term Disability Insurance
- Life Insurance for both whole life insurance and term insurance
Our Insurance Policy Benchmark Services
Because Langan Financial Group is not tied to a specific insurance company, we are not required to meet quotas for specific products.
As such, we can focus on providing the best insurance service for your needs. Langan Financial Group can compare insurance quotes and products from numerous companies to see what aligns best with you.
We will compare your current insurance policies with what is available on the market to determine:
- If you even need a different policy or coverage
- If a different policy exists
We will do our best to provide you with the best options to choose from and discuss the pros and cons of each policy with you.
When reviewing your insurance policies, we will ask about life events to see how your current needs are changing.
Schedule a Free Insurance Benchmark Review
Langan Financial Group's insurance agents have over 35 years of experience servicing insurance policies for individuals and families.
Give us a call at 717-288-1880 to see how our insurance advisors can help with your group insurance needs. Or visit our local insurance agent contact page to fill out an inquiry.
FREE Benchmark Comparison Services
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Disclosure: Check the background of your financial professional on FINRA's BrokerCheck. The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Cambridge and Langan Financial Group, LLC. are not affiliated. Cambridge Investment Research Advisors, Inc. a Registered Investment Advisor. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, to residents of: AL, AZ, CO, DE, FL, GA, IA, KY, MD, NJ, NM, NY, NC, OH, PA, TX, VA, WI Cambridge and Langan Financial Group does not offer legal advice. Estate planning services are in regards to your overall financial plan. Always be sure to speak to a legal professional in regards to specific legal matters. Fixed insurance services offered through Langan Financial Group.
Testimonial/Endorsement Disclosure: The testimonials may not be representative of the experience of other customers. The testimonials are no guarantee of future performance or success. All of the testimonials/endorsements are clients with the exception of Steven Martinez of York SPCA. There was no cash nor non-cash compensation for any of the testimonials provided.
© Langan Financial Group
Harrisburg, PA Office
Address: 1863 Center St, Camp Hill, Pa 17011
Phone: 717-288-1880
York, PA Office
Address: 3405 Board Rd, Suite 200, York, Pa 17406
Phone: 717-773-4085
