When was the last time you checked in on your insurance cover? Personal insurance can provide an important financial safety net when something unexpected happens. As your life changes, it can be worth reviewing your cover to check that it still reflects your circumstances and needs.

Why are reviews needed?

You may hold your insurance policy for many decades, and a lot can happen during that time. Life events, changing financial commitments and evolving priorities can all affect the cover you need. What suited your circumstances when you first took out your policy may not be the best fit years later.

Regular reviews can help you check whether your insurance still reflects your needs. They also provide an opportunity to consider your existing cover alongside products and features currently available in the market. Changing or replacing existing cover should be considered carefully, based on your individual circumstances and needs.

When might a review happen?

Significant life events often prompt people to take a fresh look at their insurance. Buying a home, welcoming children, changing careers, becoming self-employed, approaching retirement or experiencing a relationship separation can all influence the protection you need.

That said, you don’t need a major life change to make a review worthwhile. Checking in with your adviser from time to time can help you assess whether your cover still reflects your circumstances and needs.

Set and forget often doesn’t work

There are a few things in life that it’s possible to set and forget, but insurance usually isn’t one of them. What suited you five or 10 years ago may no longer reflect your current circumstances.

You may be surprised at how much can change over time. Changes to your work, financial commitments, family circumstances and future plans can all affect the type and level of cover that may be appropriate for you. As your life evolves, it can be worth checking whether your insurance still reflects your needs.

A review doesn’t have to mean more insurance

An insurance review doesn’t have to mean you take on more cover. Sometimes, it’s just a check-up to determine whether the policies you have are still appropriate for your needs. You might be able to simplify your cover, particularly if your obligations or debts have reduced. In some cases, adjustments may also be available that could help your insurance better fit your budget.

We are here to help

Your SHARE insurance adviser can help you review your existing cover; understand what options are available and consider whether any changes may be appropriate for your circumstances.

If it has been a while since your insurance was reviewed, or something in your life has changed, talk to your adviser about whether your current cover still meets your needs.

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.