As part of your process of tying up loose ends, you may want to give your insurance an end-of-year review. Here’s a checklist to think about if you want to make sure everything is in order in time for 2020.
It can be easy to set and forget your cover, but as your life becomes more complex or simply evolves, your Insurance needs may change too.
Look at what policies you have in place, how much you could potentially claim on each and in what circumstances. Then think about what the most significant risks are in your life at present – would you be left financially exposed if you were to become sick and couldn’t work? Or if you or your partner suffered a significant health event or accident? Knowing where your life’s at and what types and levels of cover you have in place can help you determine whether you are sufficiently protected.
And on this note, keep us in mind. We can help you assess your circumstances and identify whether your cover is still aligned with you.
Making sure you have the right level of cover in place is all about being protected while maximising value for money.
Once again, your needs and budget may change over time. For example, if you have an agreed value income protection policy, you may need to increase it if what you earn has lifted over time. Or if you’ve taken out more debt since your life insurance policy was issued, you may need to increase the amount it’s worth. Get in touch: we can help.
If you have had different policies put in place over the years, you may find that you’ve duplicated cover in some cases. If so, do you know how these covers would interact with each other at claim time?
We can help you work through your policies to ensure they each have a clear role in your Insurance plans.
Insurance policy documents are sometimes not the easiest things to comprehend. We can help you work through the details so that you understand exactly what you can expect. Trauma policies, in particular, can catch people out if they are not aware of the specific conditions covered.
Level-premium insurance can be a hedge against future age-related increases in cost, as the premium amount remains locked in for the entire life of your policy. Of course, there are pros and cons to this option, but if you’d like to learn more about it, please don’t hesitate to contact us.
Non-disclosure, intentional or unwitting, can significantly affect the success of a future claim. If you’ve realised that you forgot to disclose something when you applied for your cover, get in touch as soon as possible and we will help you clarify with your insurance provider whether it makes a difference.
We’d love to help you ensure your insurance is still fit for purpose. Give us a call at your earliest convenience.
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 independent guidance.
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