When was the last time you reviewed your insurance?
You can insure yourself to the hilt, but unless you have the right policies in place, you may find yourself coming unstuck at claim time.
There are three regular checks you can run across your policies to ensure that you and your family are covered should the unexpected happen.
Check You Have The Right Cover
Obtaining insurance can feel like a chore. It is common for people to take the most straightforward option and purchase insurance from a rate sheet or website to tick the job off the list. However, these policies are generalised and designed to cover average requirements at a basic level.
Everyone has different needs. Taking a standardised insurance package may mean paying for a policy that doesn’t cover your needs. What if the policy only covers people without existing health conditions, yet someone in your family has asthma? Not declaring this detail can impact your whole policy and mean you are paying premiums for nothing!
Circumstances Change
When did you first implement your insurance cover? How has your life changed since then? Maybe you have had a baby, moved house, changed jobs, had a medical incident, or added more contents to your home. Not taking these changes into account could leave you short at claim time.
Taking up smoking again or suffering an illness can impact your health insurance. While not updating your house insurance after a renovation or extension could mean that you will be out of pocket if you lose your home.
It is essential to review your policies annually to ensure your information is up to date and your cover is current. Equally, it is vital to review your policies after any significant changes to your circumstances.
Different Insurance Options
Insurance providers are like any retailers. They are always looking for new ways to service their clients and create new products that meet their needs; this means your insurance cover could be outdated if you have had it in place for a while.
The modern world is ever-changing. Technology becomes outdated in the blink of an eye, and advancements are made in every field each day. Providers need to react to these ongoing changes to ensure they are not left behind.
Insurance products are constantly evolving to meet the market’s demands; this means there may be a better option out there for you. A better option could mean lower premiums, better cover, fewer exclusions, or the ability to bundle your policies together.
You won’t know this unless you undertake a review of your current cover.
It may feel like a huge process, but if you have worked with an independent insurance advisor, they will take care of all the heavy lifting and ensure that you are covered where you need it most!