Why it’s important to regularly review your insurance

Your insurance policies have been issued, so that’s that dealt with, right? Well…. maybe.

If you’ve gone through the process of putting insurance cover in place, you might think that’s something that’s off your to-do list for the foreseeable future. But even when you have a great cover, things may change in your life, and your insurance needs with them.

Here are some key reasons why it’s important to review it on a regular basis.

Sometimes insurance is issued without advice

If you’ve taken out insurance online or as an add-on with something else, it’s likely to have been issued without the benefit of advice.

Maybe you quickly ticked a box and got something sorted when you bought your first house or were upsold some insurance with another financial product. That might have been better than nothing as a stop-gap but it’s likely that there might be more cost-effective or comprehensive options out there if you engaged an adviser to help you find them.

If you have any policies in place that weren’t arranged with advice, now can be a great time to review those. And we’re here to help.

Needs change

As insurance advisers, we like to take deep dive into your needs and goals to help you find the most appropriate insurance policy for your situation. But if it’s been a while since you took over cover, your circumstances might now be different.

Your life may have moved on from then. For example, you may have new debt or new responsibilities, got married or have children, so it’s a good idea to check whether your insurance policies need to change, too.

You might not have claimed when you could have

Sometimes policies were taken out a long time ago and you might need a refresher of what they actually cover. Is it possible you could have claimed for something, but not realised it, or got around to it?

If you’re checking in with us regularly, we can discuss any changes in your health or financial circumstances, and see whether there have been any opportunities to claim that you might not have known were there. Even if you’re pretty familiar with your policy, some have fine print that you might not have delved into. We might be able to point out other benefits that are worth taking advantage of. Some policies offer things such as premium waivers if you’re off work to have children, for example.

A regular review will give you a chance to refresh your memory of what you’re covered for, what you could expect from your insurance policy and any changes you might need to make now or in future. 

How often should you review?

We often recommend a review every year. Whether that’s enough, or too much, for you will depend a lot on how quickly your circumstances or your needs are changing.

Even if you don’t have a full meeting with us every 12 months, it is a good idea to check in for a phone call. While your life might not be changing a lot, the insurance market could be and we could keep you in the loop with new interesting options that may become available.

Like to give your cover a ‘heath check’?

Is it time for a discussion about your insurance cover? We’re available to talk about what you have in place and whether you need to make any changes to your insurance plans. Please give us a call today to schedule a comprehensive review.