How to make the most of your annual insurance review

When was the last time you reviewed your cover? Has anything important happened in your life since then?

As your life changes, so can your insurance needs. A baby, a wedding, a new home, a career shift – these are just some of the triggering factors for reviewing your policies. But with so much going on, it can also be challenging to keep track of it all.

As a general rule, if it has been more than a year since you last reviewed your insurance policies, we suggest meeting with a SHARE adviser for a review. We will walk you through the details to make sure your cover is up to date with your current needs.

Here are some tips for making the most of your annual review meeting (and your insurance cover).

Think about the what-if scenarios

Getting cover is about protecting your finances from life’s unexpected what-ifs. Ahead of our review meeting, think about what has happened in your life of late, and the financial risks you’d like to be protected from.

If you have a mortgaged home, for example, and suddenly lost your income, how long would you be able to keep making your home loan repayments? If you needed elective surgery, would you be able to wait a year or two for your turn – or could you afford being treated in the private healthcare system?

An insurance review is a great time to go through the what-if scenarios with your SHARE adviser, and make sure your insurance options match what’s important to you.

Ask questions

Insurance jargon can be confusing, so remember, our SHARE advisers are here for any questions you may have, big and small.

No matter how carefully you set up your insurance policies initially; as life gets in the way, it can be easy to ‘set and forget’ what’s covered and what’s not. We will walk you through the fine print and clearly explain any policy requirements, as well as clarify if the policy includes optional extras or whether any previous exclusions can now be reviewed.

Think affordability and value for money

While price can be an important factor when taking out insurance, it’s not the only one.

When reviewing your policies over time, consider long-term affordability and value for money. In general, insurance premiums increase as you get older, but there are ways to keep these costs under control, like reconsidering risky hobbies, extending wait periods, or choosing a different premium structure (e.g., level premiums).

Also, you can use your annual review to check that you don’t have more insurance than you need. If you’ve paid down your mortgage or built a sizeable rainy-day fund, for example, your need for insurance may reduce. A SHARE insurance adviser can help you ensure that your insurance remains in step with your life, and your budget.

Don’t set and forget

Getting cover is not a one-off transaction; as time passes, it’s important to keep your insurance top-of-mind and give it a periodic health check.

There are many benefits to scheduling regular insurance check-ups. During these review meetings, your SHARE adviser will go over specific details about your life and policies, to make sure your objectives are met. You may identify gaps in your protection, for example or extra coverage to add.[AM1] [AM2] .

Remember, our SHARE advisers know the ins and outs of the life and health insurance market. By understanding where you’re at and where you’d like to be, we can recommend the most appropriate options to suit your requirements.

Like to discuss your options? Get in touch – we’re here for your queries.

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.