Let us ask you a question… when was the last time you reviewed your insurance cover?
We know, we know, we said the “I” word.
Insurance is not a word that many people want to talk about. It is seen as a necessity. Something you have to pay just in case.
But what if you are paying more than you need to?
Or if you are paying for the wrong things?
If you don’t have the right kind of cover in place then you could find yourself out of pocket if something unexpected does happen.
That is one of the reasons for regularly reviewing your insurance. But you could also be saving money and ensuring protection for the things that matter the most to you.
Let’s have a look at these aspects in greater detail.
Paying too much
Could you be paying too much for your insurance?
The idea of spending less on your premiums is pretty attractive right?
Well, depending on the cover you have, you could be paying for things you don’t need. Have you moved house, the kids have shifted out, or you are still paying for a learner driver as a named person on your policy? All of these things can push up the cost of your premiums.
So it pays to review your policy to ensure you are only paying for what you need.
Life is full of changes. You move house, change jobs, have kids, maybe have more kids, or potentially have a change in relationship. All of these things can impact your insurance cover.
If you truly want to be protected for the unexpected, then you need to review your cover every time your situation changes significantly. That way you can confirm you are protecting the right value for your property, the correct amount of income, your current health status and your whole family.
Even if nothing major has changed, the minor things can start to add up. Three years worth of salary increases, acquiring 10 years worth of contents for your home, or having a small recurring health issue can change your position over time. That is why we would recommend an annual review of your insurance cover.
It is interesting to think of insurance policies as products, but they really are. They are produced by a company to give people what they need. And like any product, they evolve over time.
If you are still using a product that was created 5 years ago, there could be a better model on the market now! You could be getting better cover or more inclusions for the same amount of money. Or, anther provider could offer you a higher quality of cover.
Insurance companies all have ratings. You may discover that your current provider does not have a rating as high as some of their competitors. You will never know unless you explore the options available.
How do you review it?
So now you know you have to review your cover, how do you go about doing it?
If you have hours and hours of spare time then you could call around all the insurance companies to see what they can offer you.
But who has hours to spare for that kind of job?
What would be smarter is to use the knowledge, experience and connections of an insurance solution provider like The Finance Marshall. Not only can we save you time and stress, but we can also use our connections to ensure you get the best cover for your individual situation.
Our process would be to discuss the needs of you and your family. Once we have a clear picture of those, we would examine any existing cover you have in place to check if it is still suitable or if it needs updating. Finally, we would then suggest an overall solution to fill any gaps in your cover and to make sure you are fully protected.
Of course, we only provide recommendations. The final decision of what cover you need would rest solely with you.
So if it has been a while since you reviewed your cover, now is the time to get it sorted. Give us a call here at The Finance Marshall and we will be happy to help you out.