When it comes to insurance, it can be so easy to get your cover sorted, pay the bill by direct debit each month and then largely forget about your policies until you need them, even if life changes.
The question is, when is a good time to relook at it all?
At RMA Financial we send out a letter each year to touch base with our clients to make sure their cover is still meeting their needs, but you don’t need to wait for the reminder.
What you may not realise about a review is that we are not seeking to increase your cover (and therefore premiums). We are not held to sales targets – our role is to work with you to ensure you have the most appropriate cover and this may mean reducing some covers.
Some of the life changes that might trigger a change in cover can include:
- Increasing or decreasing your mortgage
- A relationship change
- An increase or decrease in dependants (such as a new baby, a child moving out or a parent moving in)
- A change in employment such as a new occupation or becoming self-employment
- An increase or decrease in income
- A health or lifestyle change such as quitting smoking
Of course there are many others, so it is always worth checking in with us if a recent change is a reason to adjust your type or levels of cover. And changing your cover does not need to be labourious.
Have you heard of the Lifestyle Event Benefit? This is a provision for increasing cover after a change in circumstances – without having to go through the application process again, and regardless of your state of health. There are limits and variations between providers but you may be surprised at how much of an increase you can get, and what life changes are covered (including reaching ages 25, 30, 35, 40 and 45 or a dependent child starting secondary school).
This illustrates again the benefits of having your insurance through advisor– we know the “ins and outs” and are here to help you and work with you so your cover is meeting your needs.