Review your insurance and relax in the knowledge you have.
Why Review Your Insurance NOW?
Nothing in life remains the same and yet many people fail to review or make any changes to their insurances even when they know they have made changes in their lives which have changed the risks.
Ask yourself if something has changed;
- Have you taken on more debt or paid debt off?
- Have you or your partner changed jobs or had a change in income?
- Have you got any children – if so, I assume they have gotten older…
Of course things change!
As you move through the roads of life your financial situation and therefore risk is in a state of constant change and this means your insurance requirements will also be constantly changing; hence the reason you must continue to review your insurance.
Debt Changes Risk
If you take on debt like a mortgage for your first home your risk profile certainly changes. You may have gone from a very low or short-term rental commitment to a mortgage where you are committed to repayments for the next 30-years.
Conversely as you repay your debt the risk lessens.
What About The Impact Of Income?
Income is interesting – but remember it is the reliance on an income that has the biggest impact.
Often a young couple may have similar incomes and if required could live on just one income so therefore the risk is reasonably low. If that young couple then started a family and were reliant on one income then the risk of loosing that income increases dramatically.
Sop if your income increases your risk profile may not change much at all.
Children Have A Huge Impact
Your children are reliant on you financially for many years and most parents really do want to provide for them.
Of course in New Zealand we are lucky and have some great social welfare benefits available to us when needed, but do you want your family to be reliant on handouts should something happen to you?
Insurance Company’s Change Too
Just as within your life there are constant changes, the insurance company are always making changes too.
There are changes to policies and premiums to match what others in the market are doing while the companies jostle to get an advantage on the competitors and to ensure that what they offer is recommended by the insurance advisers.
Get Advice When You Review Your Insurance
An experienced insurance adviser is able to help you review your insurance and determine what you need, then check the various policies and insurance companies to come up with the option that would best suit you.
Getting the right policy is not just about getting the cheapest.
You want a policy that is going to pay you what is expected, when it is needed and often this means the best policy for you is not the cheapest. It is often not the most expensive either.
The best thing is most insurance advisers are happy to review your insurance NOW and for free.