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When do you need a Personal Insurance check-up?

Thinking about your Insurance may not be high on your list of priorities. But if you’d like to make sure that your cover is still the best fit for you – and will protect you at claim time – it’s important to do a regular check-up.

Here’s when is a good time to schedule a chat with an Insurance adviser like us.

Your relationship changes

What you need as a single person and what you might need as half of a couple can be quite different.

When you’re in a couple, for example, you might have joint debts that you wouldn’t want your partner to be left to cover alone if something were to happen to you. Plus, many couples choose to own each other’s Life Insurance policies to make claim time easier – so it’s a good idea to talk to an adviser about how best to structure your policies.

Similarly, if you have recently come out of a relationship, you may want to ensure that the details on your policies are correct or adjust the level of coverage you’re getting.

Your commitments change

For many people, taking out a mortgage is the catalyst for entering the personal Insurance market.

If you take on new, significant debt, you’ll need to make sure that you have sufficient cover for that. It could be Life Insurance to help those you might leave behind, or Income Protection, Trauma or TPD to ensure that you could cope financially if an accident or illness meant you couldn’t work.

Many people also find that, when they have children, their Insurance needs increase again. Little people usually bring big expenses and amplify the need to provide continuity for the family, no matter what life throws in the way.

You pay off debt

Once you are clear of a significant debt such as a mortgage, your need for some Insurance products may decline.

As Insurance advisers, we can help you work out how to allocate your Insurance budget to maximise the benefit you get from the amount you spend.

Your work-life significantly changes

If you go into self-employment, get a big pay rise or retire, consider re-assessing your cover.

Being in business on your own can mean a whole lot of new Insurance types to consider – like Business Continuity, Key person or Shareholder Cover.

When you start to earn more, you might want to insure a higher income so that your quality of life can be maintained, no matter what happens. We can talk to you about your options – some may not even require additional underwriting.

We’re just a phone call away

It’s worth checking in with us on a regular basis, regardless of what’s going on in your life. We can help you understand developments in the market and whether your policies are still the right option for you and your family.

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 development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek advice from a financial adviser. 

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