When should I review my insurance policy?
Your personal insurance is an important part of your financial plan as it provides peace of mind and financial protection to you and your family in the event of the major illness, disability, or death.
Reviewing your insurance is important as your needs and circumstances change over time. There are many reasons why you may wish to review your insurance. We’ve compiled a list of the top 3 reasons to review your personal insurances:
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Better premium
The insurance industry is very competitive, and insurers may reduce their pricing to capture different segments of the market. In the last few years, a number of insurers have introduced discounts for members with a healthy height/weight ratio, discounts on gym memberships, and discounts for family member groups.
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Improvements to benefits
Insurance companies regularly review and upgrade their policy definitions to provide better coverage to remain competitive within the industry. Unfortunately, these improvements are not always passed on to existing policy holders, so a move to the current product may be required.
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Your family or health situation have changed
Life events such as marriage, divorce, the birth of a child, or the purchase or sale of assets, will usually require an adjustment to an individual’s insured levels.
Likewise, if you have been recorded by your insurer as a smoker, or with a high BMI, which results in high premium. After you put in the hard work to kick the habit or drop some kilo's, it is important to review your policy as it could mean a significant reduction in premium of your policy.
If it’s been some time since you last reviewed your insurance policy, you may contact Mr. Wen Wang on 0402 282 198 or [email protected] who has worked in insurance industry for more than 20 years. He will review your insurance needs and determine whether a better premium and policy are available.