Life Insurance is the foundation of your financial plan, providing protection and peace of mind for you and your loved ones. And money at claim time when you need it most.
It needs to be in place today to protect what may happen tomorrow.
However, Life Insurance is not a one-time purchase you can forget after signing the contract. Your Life Insurance needs may change over time, depending on various factors such as your income, expenses, family situation, health, and goals.
That’s why reviewing your Life Insurance policies regularly with your adviser is essential to ensure they are still suitable and adequate for your current and future needs.
An adviser's role is to recommend personal coverage, help you apply for your insurance, review your plan as you go through life, and help with the claims process.
Your role is to be open to reviews and advice and take action.
Here are some benefits of reviewing your Life Insurance policies regularly with your adviser:
1. You can update your coverage and beneficiaries
Helping you understand your covers and the limitations to help you have a better idea of potential claims and how these meet your expectations.
Ensuring that your coverage stays current. For example, if you change your income, the things you own, or the money you owe, you may need to adjust your coverage accordingly.
If you change your marital status, have a child, or experience a death in the family, you may need to update your beneficiaries to reflect your current wishes.
Help to avoid under-insurance or over-insurance and ensure you and your loved ones receive the appropriate benefits during life and death.
Help you act, and sometimes not to act.
2. Helping you take advantage of new products and features.
Reviewing your Life Insurance policies with your adviser lets you see if there are any opportunities to improve your coverage, reduce your costs, or enhance your benefits.
For example, adding benefits such as critical illness coverage, disability income, or premium waiver.
Some policies may also allow you to adjust your premiums, coverage, or terms according to your changing needs.
3. Helping you with claims and improving the policy terms
In my experience, on several occasions, a review has resulted in a claim payment that the client was unaware they could make and to revisit non-standard terms such as increased premiums or exclusions.
Regular reviews help you stay in control of your life and have a better tomorrow.
