Your insurance is like a safety net, that can provide financial protection for you and your loved ones when life’s unexpected events occur.
However, your life doesn’t stand still - your needs, goals, and circumstances can change over time. That’s why it’s essential to regularly review and ensure your insurance is up to date, so that your financial safety net remains purpose-fit to your current situation.
A regular review with an insurance adviser can help address any potential gaps in coverage. Here are four key points to think about and what you might like to discuss with your adviser.
Review your cover limits
Your insurance cover should reflect the life you’re living today—and the one you’re planning for in the future. Major life events, like getting married, having children, buying a property, or changing jobs, can impact the amount of coverage you need.
For example, your life insurance may need to be adjusted to account for new financial responsibilities, such as a growing family or a new home with a larger mortgage, to ensure it covers the increased debt and any future financial responsibilities. Similarly, if your salary or job has changed, you may need to revisit your income protection policy to ensure that what you are covered for is sufficient for your needs should the unexpected happen.
Before adjusting any cover, it’s always best to check in with your insurance adviser to ensure your insurance provides the right level of cover for your current life stage.
Update your personal information
If there are any positive health changes in your circumstances, such as losing weight or quitting smoking, it might be worth notifying your insurer as these could potentially lower your premiums, if a ‘premium loading’ has been applied to reflect the greater risk due to your health or lifestyle choices.
It’s also important to ensure that any information you provided during your application was accurate. If you realise any details were incorrect at the time, you should inform your insurer promptly to avoid potential complications later.
Assess your policy terms and conditions
Insurance policies come with specific terms and conditions, which are important to understand. While terms generally remain consistent once a policy is in force, insurers can introduce changes that improve cover or benefit the insured. It’s worth reviewing your policy to ensure you are aware of any updates that might positively impact your cover.
For example, a health insurer might adjust its offerings, such as expanding coverage or clarifying conditions for specific treatments.
Taking the time to read through your policy—or seeking your adviser’s guidance to understand the details—ensures that you’re clear on what is and isn’t covered. This preparation can help prevent surprises and provide peace of mind if you ever need to make a claim.
Schedule an annual review
Insurance is a key part of your financial security, but it shouldn’t be something you only think about when something goes wrong. Regular reviews are essential for keeping your cover aligned with your changing needs.
During an annual review, your adviser will work with you to:
Evaluate your current policies to ensure they meets your needs.
Discuss any life changes, such as new job, marriage, or children.
Identify and address any gaps in your insurance.
Update your policy details as necessary.
An annual review helps you stay on top of updates, address concerns, and ensure your policies are keeping pace with your life.
Here to help
It’s important to remember that everyone’s needs are unique. By staying proactive and regularly reviewing your policies with your adviser, you can ensure that your insurance is appropriate for your situation and needs. To explore your current policies and discuss potential updates, get in touch with us today.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.
