You always hear stories and advice about how important it is to have proper insurance cover, but once it’s in place often everyone sets and forgets about it. It’s paramount that your insurance policies are reviewed on a regular basis to ensure you’re adequately covered. So how do you know when it’s time to review your insurance policies? There are several life stages and events, which should trigger you to review your insurance policies. Whether it be more responsibility such as starting a family, buying a house or even stressful events such as divorce and deaths of family members. These types of events should trigger a call to action and requires you to review your insurance policies.
Starting a family and/or buying a family home
Whether it be having a first child or buying your first home these are the most memorable and proud moments of your life, however often comes with additional responsibilities. For those of you who remember to review your insurance needs, it’s often done after you’ve had kids or purchased that home. This may leave you in a bingle as personal insurance policies can often be complicated and may require lengthy amounts of time to alter. If bad luck strikes after the purchase of the home and your insurance policies aren’t adequate, this may potentially leave you in financial strife. Therefore it’s a good idea to review and implement adequate insurance covers before these events.
Deaths of family members
When a close family member suffers from a medical condition, often this triggers you to think about your own morality and whether the same thing can happen to you. This would normally be followed with thoughts of what will happen to my family if I were to suffer from the same condition? On a lifestyle level, you might think to yourself and say I’m going to start eating healthier foods and exercising more. The other question you should ask yourself, is do I have adequate insurance policies in place, if the same thing was to happen to me? Again these types of events should trigger you to review your insurance needs.
Along with the above events, personal insurance covers should be reviewed but not limited to the following situations;
- Marriages and divorce
- Starting a family
- Buying a house
- New job
- Kids enrolling in new school or completing their education
- Illness and death in the family
If you’re unsure on whether or not to review your insurance needs, we strongly advise on picking up the phone and speaking to either your adviser or insurance representative. There’s no harm is asking questions.
Putting in place personal insurance cover doesn’t necessarily require certain events to occur in your life. Sometimes you may wish to protect the people around you financially. For example you may be a 22 year old wanting to provide funds to your parents to look after you if you can’t look after yourself so you might want to look at Total & Permanent Disability (TPD) cover, or you may be a single 40 year old that needs to make sure income keeps coming in as you don’t have any other way to provide for your living expenses if you can’t work so you might consider income protection, or even a business owner that’s planning on the sale of the business to fund your retirement plans so you need insurance to make sure those plans don’t go off track somewhere along the line.
Whether it’s a certain event which occurs or you just wish to protect your family financially, personal insurance is a complicated area and needs to be looked at in depth. Therefore it’s always strongly recommended that you visit an insurance expert such as JBS to review your circumstances and to ensure adequate insurance cover is in place for you.