Monday, March 16, 2009

Know Your Insurance Policies

Written by Robert Powell
Posted by Connie Yee

BOSTON -- It might not be the stuff of cocktail-party chatter, but insurance is certainly a topic worth talking about. That's especially true now, given the dramatic changes in the insurance industry, the stock market and perhaps in your own life over the past few months.

Here's a look at three insurance to-dos for this year.

Life insurance

Time was when not owning life insurance was the risky move. Now, however, owning insurance seems like it's the greater risk. Insurers are under pressure and experts say you should pay close attention to your various life insurance policies. AIG is, of course, a well-known problem. But others are facing stiff winds, too. Standard & Poor's lowered its counterparty credit and financial strength ratings on 10 U.S. life insurance groups, according to published reports. What's more, the rating agency reported that around 40% of insurers were on a "negative" outlook.

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