When was the last time you checked on your insurance cover? Personal insurance can provide valuable financial support if illness, injury or another unexpected event affects you or your family. Regular reviews can help ensure your cover continues to reflect your circumstances.

Why are reviews needed?

You may hold your policy for many decades, and in that time your life will probably go through a lot of changes. Many of those changes can also mean that your insurance may benefit from some adjustment. Your obligations, priorities and ability to absorb an unexpected financial setback may all change. These can all have an impact on what you need from your insurance cover. Regular reviews can help ensure that your insurance remains appropriate as your life and circumstances change.

Insurance products and the wider market can change over time. Reviewing your cover can help you understand how your current policy compares with other options, but switching policies may not always be beneficial. New underwriting requirements, exclusions, or policy terms may apply, so it’s important not to cancel any existing cover until a replacement policy has been accepted and carefully assessed.

When should you review your cover?

There are a few common life events that may prompt you to take a fresh look at your insurance. Major life milestones, such as buying a home or welcoming children into the family, often provide a good opportunity to review whether your insurance cover still meets your needs. Sometimes changing jobs or moving into self-employment can also mean it’s sensible to check whether your insurance is suitable. You might also review your cover as you near retirement, or if you go through a relationship separation.

There doesn’t have to be a big event to make a review worthwhile. You might decide to schedule a catch up with your adviser every year or two, allowing you to make any little adjustments that may be needed.

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 worked for you five or 10 years ago may no longer be appropriate for your current needs.

You may be surprised at how quickly life can change. If five years ago you had a different job, different debts and a different family structure, your insurance needs may well have been quite different, too.

A review doesn’t have to mean more insurance

Your review is an opportunity to make sure you have suitable types and levels of cover in place. Sometimes this may mean adding to your cover, and other times, we might just make a small update or streamline what you already have. This can help keep your insurance relevant for where you are in your life right now.

We’re here to help

Your SHARE insurance adviser can help you check in on your insurance and consider whether the protection is still as appropriate for your needs as it was when you first took it out. Life changes, and it can be worth checking from time to time whether your insurance cover should change too.

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.