SUMMARY
- Review your policies for gaps and overlap.
- Get the most from your employee benefits.
- Check life and disability coverage, and update beneficiaries.
- Understand your liability coverage and whether you need an umbrella policy.
Somewhere in your home there’s a folder, a drawer, or an email thread labeled “insurance.” You set it up the day you bought the car, signed the lease, or started the new job. Since then, renewal notices have arrived, and payments have gone out, but nobody has read the policy. Life, meanwhile, kept moving: a new address, a bigger family, a different paycheck, maybe your own business.
That’s not a failure. It’s just what happens when you’re busy living. But policies don’t update themselves, and the gap between the coverage you bought and the life you have now is where surprises may hide. That’s what an insurance checkup is for.
We will break it down into manageable steps so you’ll be prepared to make informed decisions and feel confident if the unexpected comes knocking.
What is The Freedom 30 Program?
The Freedom 30 Program is a year-long financial literacy program developed with our friends at Balance. The idea is simple: spend 30 minutes each week improving your financial life, all year long.
Each month has a theme. Each week has one small, manageable project. No overhauls, nothing to overwhelm you – just steady progress, the kind that sticks.
Jumped into The Freedom 30 late? No problem. Add a catch-up session whenever it works for you – this program moves at your pace, not the calendar’s. Here’s last month’s blog on preparing your budget for the holidays to help you catch up.
This month’s theme: insurance and benefits.
Week 1: How to review your insurance coverage for gaps.
Gather every policy you have (health, life, disability, auto, and homeowners or renters) and check that each one still fits your life.
Life changes faster than paperwork does. A new home, a new baby, a new job, or a new business can all leave a policy out of step. Set aside 30 minutes to gather your documents. As you read, ask yourself:
- Are you covered for the risks you actually face?
- Are there gaps, or areas where you may be paying for more than you need?
- Do you understand what each policy says?
Jot down anything to adjust or follow up on. You don’t need to fix it all this week.
Takeaway: Knowing what you have is the first step to being protected without overpaying.
Next week: We’ll review your employee benefits and make sure you’re maximizing what’s available to you.
Week 2: How to maximize your employee benefits (HSA, FSA, 401(k) match).
Most employers offer more than health insurance, and unused benefits are money left on the table.
If you’re employed, look for health savings accounts (HSAs), flexible spending accounts (FSAs), retirement plans, and wellness programs. Check your benefits portal or ask your HR team. Make sure you’re enrolled in the right plans and get any matching retirement contribution your employer offers. If you work for yourself, use this week to look at what you’ve set up on your own, such as retirement savings and health coverage.
Takeaway: Using your benefits fully gets you more value from your compensation. You may be surprised at what you find.
Next week: We’ll explore ways to review and adjust your life and disability insurance policies to meet your current needs.
Week 3: Do you have enough life and disability insurance?
Life insurance protects the people who depend on you, and disability insurance replaces income if illness or injury keeps you from working.
The best time to get either is when you’re least likely to need it. This week, ask yourself:
- Could your family live on what you’ve provided if something happened to you?
- Would it cover funeral expenses and the loss of your income?
- Are your beneficiaries accurate and up to date?
Not sure if your coverage is enough? Talk with a certified financial counselor or use one of the many online life insurance calculators to estimate your needs based on debts, income replacement, and future expenses.
If you’ve yet to create your will or estate plan, our Members receive a 30% discount at checkout until October 31, 2026, off the initial purchase of eligible online estate plans through Trust & Will.* See offer details and exclusions. Membership required. Guided, plain-language prompts are designed to help you create your plan online, on your own schedule. The online service allows users to complete the process at their own pace.
Trust & Will is an independent third-party service provider and is not affiliated with or provided by FIG Credit Union. FIG Credit Union does not provide legal or tax advice. Offer terms, eligibility requirements, and exclusions apply. See offer details.
Takeaway: A quick review now gives you and your loved ones peace of mind later.
Next week: We’ll examine the importance of liability insurance and how it can protect your assets.
Week 4: What is liability insurance, and do you need an umbrella policy?
Liability insurance may help cover certain costs if you are legally responsible for injuring someone or damaging their property, subject to the terms, limits, conditions, and exclusions of your policy. It’s typically part of your auto, home, or renters’ policy. This week, find out what you have. If you have significant savings or investments, consider whether additional liability coverage, such as an umbrella policy, may be appropriate for your needs.
Takeaway: Adequate liability coverage protects what you’ve built from unexpected legal claims.
Final thoughts.
Four weeks of 30 minutes each adds up to real confidence. You’ll know what you have, what you’re missing, and who’s protected. This October, put safeguards in place that can help protect your future.
This article was developed in partnership with Balance, a financial education provider. Balance does not provide financial products through the Credit Union, and no compensation is received based on Member participation.
Members should contact the Credit Union for guidance regarding their individual situation.
This article is provided for educational purposes only and is not intended as financial, legal, or tax advice. FIG Credit Union does not provide legal or tax advice. Information is general in nature and may not apply to your individual circumstances. Consider consulting an appropriate financial, legal, or tax professional regarding your specific situation.
*Trust & Will is an independent third-party service provider and is not owned, operated, or controlled by FIG Credit Union. FIG Credit Union does not provide legal or tax advice and does not guarantee the products or services provided by Trust & Will. Offer valid through October 31, 2026. Eligibility requirements, terms, conditions, and exclusions apply. See offer details.
Member eligibility required. Federal Insured by NCUA.
