If you’ve recently got married, moved in with a partner, you’ve had any new babies, changed your job, bought a new house, etc. i.e. your circumstances have changed lately chances are your current life insurance is not up to date with your present day scenario?
Life as we all know is precarious & the policy you currently have in place may not fully cover your family’s needs if you were to pass away tomorrow, and this is why getting your life insurance reviewed regularly is of utmost importance.
Most of us are busy in our day to day lives striving to make a living for our families which leave us with very little time for ourselves and naturally things like insurances, wills, trusts, etc. take a back seat. No one wants to think of death or disease when they’re fit & healthy but the truth remains that majority of us do fall prey to diseases (sometimes critical & at others not too serious), but all of us are going to die one day & although It’s human nature to think it’s not happening tomorrow so we can take it easy, it’s only wise to make arrangements sooner than later & be prepared for the future by making sure that your family does not have to suffer in the event that you fall critically ill or if you were to pass away.
Now the question is if you already have an insurance why is there a need for you to get it reviewed.
Alright, imagine after all the years that you’ve religiously paid into your life insurance policy, when it’s time finally for it to pay out i.e. when you’ve taken critically ill or perhaps after you’ve passed away, the provider denies the claim saying the policy wasn’t valid or there was this little point in small letters written down somewhere in the middle of your policy paperwork which was never explained to you properly at the time you took this policy out. It’s only you & your family that’s going to suffer the most only because you chose not to spare those 10 minutes of your time to get your policy reviewed.
What most of us don’t understand is that laws keep changing time to time & it’s important to take out time to get these policies reviewed to make sure they’re in line with the latest legislation so that they at least pay out when they’re supposed to.
Besides, the financial market undergoes changes every now & then which means you could be paying over the odds towards your policy. Changes in the insurance market may or may not benefit you every time however there is no loss in getting it reviewed regularly especially when the review costs you nothing.
Another reason why you should get your policy reviewed:
All this while providers across the market have only focused on competing with each in order to sell the cheapest cover however recently some providers have acknowledged the fact that many people feel there’s no real benefit in it for them during their life time. So to deal with this they’ve come up with benefits added to your regular policies. The most important benefit you get with these policies is free medical assistance, not just for you but for your entire family in the event anyone of you is to fall sick or get diagnosed with anything serious.
Who wouldn’t want this to be added to their life cover for free?
So to sum It all up, If you think the cover you presently have is more than adequate, still get it reviewed to see if the policy has been set up properly & if there’re any free bits & pieces that could be added onto your policy or if it could be upgraded to cover you for more conditions than before in case you have a critical illness cover in place. Even if your policy is bang on at least you’ll have the peace of mind once you’ve had it reviewed by an expert.
Make it a New Year Resolution to get your policy reviewed once every year. You owe it to your family.