Insurance: Don't Set and Forget

For most of us, life is busy and the to-do list is long. Yet, many people will still review their home, contents and car insurance each year at renewal and make adjustments where required. Yet, it's a nuance of humanity. Many think life insurance is a set-and-forget product. However, we know your life insurance cover should be regularly reviewed to ensure the right amount of cover is in place for your current situation, plus you are not wasting your precious money on unnecessary premiums.

Here are some common reasons from our experience that could trigger the need for a review of cover:

1. Change in income – you may have increased or decreased your income and your current cover may no longer be appropriate.

2. Lifestyle changes – a new house, private school fees to be covered, retirement or a mortgage paid off.

3. Improved health conditions - if your health has changed significantly, for example if you have lost weight or quit smoking for 12 months, you may be able to save money on premiums.

4. Family situation has changed – getting married, growing families, empty nesters and divorced.

There is no better time than now, to review your policies. Talk to us today by calling 1300 861 143.

Stu Varidel and Your Choice Financial Planning Pty Ltd trading as Heart Financial Advisers are authorised representatives of Sentry Financial Services Pty Ltd AFSL 286786.

The information contained herein is of a general nature only and does not constitute advice. You should not act on any information without considering your personal needs, circumstances and objectives. We recommend you obtain professional financial advice specific to your circumstances. The views expressed here are not ours. While the information contained in this article may contain or be based on information obtained from sources believed to be reliable, it may not have been independently verified. Where information contained in this publication contains material provided directly by third parties it is given in good faith and has been derived from sources believed to be accurate at its issue date. To the maximum extent permitted by law: no guarantee, representation or warranty is given that any information or advice in this publication is complete, accurate, up to date or fit for any purpose; and no party or associated entities as mentioned is in any way liable to you (including for negligence) in respect of any reliance upon such information. This article may also contain links to websites operated by third parties who are not related to us. These links are provided for convenience only and do not represent any endorsement or approval by us.