We always say a little bit of insurance is better than nothing at all, but it’s important to regularly check in and make sure you’ve got the right cover for your lifestyle by completing an insurance review. When it comes to living insurance, you need to change your cover as you hit different milestones in life and your level of risk changes. Your insurance provider may be offering cover you weren’t aware of, so it’s good to stay on top of what’s on offer to you.
When to do an insurance review
There are 3 main times we recommend checking in and making sure you’ve still got the right coverage:
Annual insurance policy check ups - insurance companies and the industry as a whole are constantly evolving with new providers and products entering or leaving the market. We want to make sure you are getting good value for money and aren’t missing out on deals that could better suit your lifestyle. Once a year, when your premiums are due to renew, is a great time to do this.
Significant milestone events - your insurance coverage may need to change as you go through life-changing events. A relationship change might mean you need to go from individual to joint policies (or back again!); you may be having a baby, buying a house, starting a business, upsizing or downsizing, or paying off a significant debt, to name just a few of life’s milestones.
New risks - here at The Insurance Team, we love hearing that you’ve taken up heli-skiing, bought a new motorbike or decided to take a year out volunteering overseas. We don’t like hearing that you have been diagnosed with long-term medical conditions or suffered injuries at work. Unfortunately,life does come with its ups and downs and it’s important we help you identify these new risks and ensure that you have appropriate coverage in place.
What to consider when reviewing your insurance coverage
When reviewing your insurance coverage, there are several factors to consider. These include:
Your personal circumstances and needs: this includes your age, health status, family situation, and financial obligations. You should assess your needs and choose coverage that provides the right level of protection.
The level of coverage: you should review the coverage options for each type of insurance and ensure that you have the right level of protection for your needs. You should consider your individual risk profile to influence whether you need to increase or decrease the amounts you’re insured for.
The reputation of the insurance provider: it is important to choose a reputable insurance provider with a good track record of customer service and claims handling. You can read reviews and ratings of insurance providers to ensure that you choose the right one for your needs and ask us as we may have recent examples we can share with you.
What will we do at an insurance review?
Essentially, we’ll give you a refresher on what you’re covered for. You may have taken the policy out years ago and some key details may have changed. For example, a new job might mean that you’re now covered for certain levels of insurance in your employment contract, e.g. health insurance; or a new job could mean you are placing yourself in greater levels of danger on a day-to-day basis, e.g. you’ve just qualified as a scaffolder. Other factors that could change your level of cover required include expanding your family, buying or upsizing/downsizing your home, becoming divorced or an empty-nester, and starting or selling a business.
By going through your coverage at your current stage in life, we can make sure you’ve got the right level of coverage you need to live the life you want while protecting your financial future.
Book your insurance review today.
So what are you waiting for? Book in for a catch up with The Insurance Team today.
This information is of a general nature only and is provided without taking full account of your objectives, financial situation or needs. Before acting on any information in this email, we recommend that you consider whether it is appropriate for your circumstances. You should not act on any advice until we have fully considered your personal circumstances and provided you with a Statement of Advice.
