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.
Get started today
Contact Us Today
Schedule a Free Insurance Benchmark Review
Langan Financial Group's insurance agents have over 50 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
Financial Advisor Locations:
Camp Hill, PA Financial Planning Office
York, Pa Financial Planning Office
Harrisburg, PA Financial Planners
Communities Served:
Langan Financial Group, LLC ("Langan Financial Group" or "LFG") is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability. LFG may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements.
Important information about our firm is on our Disclosures page. You can review our registration and disciplinary history on the SEC's Investment Adviser Public Disclosure (IAPD) website and, for brokerage registrations, on FINRA's BrokerCheck. This website is for general information only. It is not legal, accounting, or tax advice. Please talk with your own legal or tax professional about your situation. Important information about our firm is on our Disclosures page.
You can review our registration and disciplinary history on the SEC's Investment Adviser Public Disclosure (IAPD), website and, for brokerage registrations, on FINRA's BrokerCheck.
This website is for general information only. It is not legal, professional about your situation.
© 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
