Our lifestyle, health and income are the building blocks of our well-being. To protect your current way of life and the lives of those around you, it’s important that your level of risk protection remains appropriate to meet your needs.
As change is the only constant in life, the longer it’s been since you’ve reviewed your insurance policies, the greater the chance of a mismatch between your current cover and your current needs. The insurance strategy that you have in place took into account where you were, so it is imperative that your strategy is continuously and periodically reviewed to reflect where you are today.
Here are 6 life changes that should encourage you to speak with your Pinnacle advisor to review your current policies:
CHANGES TO YOUR INCOME
Our income is the most important financial asset we have. So it’s important that our level of insurance takes this into account. Small increases can be cause for a review, and sometimes you are able to increase your level of cover without medical underwriting. Conversely, if you are decreasing the amount that you work in lead up to retirement, then your need for insurance may be less than the insurance you are paying for.
You’ve given up smoking, or you were a thrill seeker at time of application and exclusions were in place (eg, motor racing, hang gliding, rock climbing etc), then you may be in a position to remove the exclusions which can improve the comprehensiveness of the cover.
THERE HAVE BEEN POSITIVE CHANGES TO YOUR HEALTH
Additionally, if your policies were implemented with a medical loading or exclusion and your health has improved since that time, you may find reviewing your insurances will provide you with cheaper and/or more comprehensive coverage. A confidential chat with your Pinnacle Advisor will help identify these opportunities.
YOUR FAMILY SITUATION HAS CHANGED
Major changes to your circumstances such as marriage, divorce, loss of a loved one, or the birth of a child could necessitate cause for review of your insurance needs.
YOU’VE TAKEN ON MORE OR LESS DEBT
The purchase or sale of assets and an increase or decrease in borrowings may be a signal for a review of your level of cover, as sums insured often take into account your level of liabilities that would need to be repaid.
IT’S BEEN A LONG TIME SINCE YOU REVIEWED YOUR POLICIES
Insurance companies often review and upgrade their policy definitions to provide better coverage and remain competitive in the industry. These upgrades aren’t always passed onto policies already in force.
If you have policies in place that aren’t part of your regular review by your Pinnacle advisor, then we encourage you to act now.