WHY REGULAR INSURANCE REVIEWS MATTER.
Over the years, our lifestyles, income and health can change, and the insurance you took out years ago might not be adequate to protect your current way of life. That’s why it’s always a great idea to conduct regular reviews of your policy (or policies) and make sure your level of risk protection continues to match your needs. Some of the areas you need to review include:
Your income
As we journey further into our careers, we tend to earn more. As our income increases, we can get used to a more comfortable lifestyle for ourselves and our families. Ask yourself if your insurance cover is enough.
On the other hand, if you are heading into your retirement years, you might be spending less on, for example, your children or mortgage. You might like to reduce your insurance cover and save on policy costs.
Your debt levels have changed.
If you’ve paid down debt, bought or sold any large assets, or increased your borrowings in any significant way, your level of liability will have changed. Your changing requirements should be reflected in your insurance cover.
You haven’t compared policies in a while.
To ensure you’re getting the most value and cover from your insurance policy, it really pays to discuss your options with an adviser who can review the market and provide appropriate advice. Speak to a Bongiorno representative about doing this for you.
Improvements to your health.
As a member of the medical profession, you’ll already know that insurance policies often come with a medical loading or exclusion. If you were affected by these, and your health has improved, talk to us.
Changes to your family situation.
Have you married recently? Had children? Become an empty-nester? Separated from your partner? All these changes to your family situation will affect your insurance needs. In addition, if you have experienced the loss of a loved one, it might be worth reviewing your policy and list of beneficiaries.
If you have any questions about your insurances, get in touch with us. Our dedicated insurance specialists can offer you all the advice and direction you need to make the most of your policies.