The Power of Regularly Reviewing your Insurance cover

Life is busy, we get it. Reviewing your insurance cover certainly isn’t top priority on most peoples Life Admin to-do list. However, if you know anyone who has experienced a major health event and been unable to work during treatment or recovery they will tell you one thing – make reviewing  your personal insurance a priority.

No-one wants to rely on a Give A Little page fundraiser, asking strangers for help.  Many of us have a ‘set and forget’ mentality when it comes to Life, Health, Trauma, Income Protection and Total & Permanent Disablement insurance.  When did you last review yours?  Was it 1, 2 or 3 years ago?  Or was it when you originally applied for a mortgage and your bank insisted on Life Insurance before approving your home loan?

Life is full of changes, which is why it is crucial to ensure your coverage  still meets your needs and budget.  Even small changes like moving house, increasing your mortgage, changing jobs or relationship status can impact your level of risk.  A quick regular check in with a qualified advisor can highlight gaps in your cover or provide ways to save on premiums.  Over the past two years alone, regular reviews with our advisors have helped us identify and process 6 Trauma claims, totalling over $877,000 being paid to our clients.  Imagine not realising you had a potential claim, cancelling your cover and missing out altogether.

At Abacus Group we prioritise scheduling  regular catch ups with your advisor for a review to ensure your coverage is up to date and fit for purpose. It’s always beneficial to refresh your memory on what you are covered for.

Do you have the protection you need? Ask yourself?

·         If I were to pass away, would my family have enough money to support themselves for a period of time?

·         Do I have enough savings to pay for my everyday expenses if an accident or illness prevented me from working for a few months?

·         If I were diagnosed with a serious illness, would I have enough money to support my family while I received treatment and recovered?

·         If I became ill or had an accident which meant I could never work again, could I afford my mortgage payments or rent without an income?

If the answer to any of the above is no, now is a good time to talk to your advisor. We also offer ways to keep your cover affordable. Our advisors can help you find the best options to ensure you maintain your valuable cover. Get in touch today.