Shopping around for your insurance policies is a great way to save money, but the process doesn’t end there. Getting a good deal one year doesn’t mean that you will have a good deal forever, so it’s important to carry out an annual insurance policy review. Here are three reasons to conduct an annual review of policies and procedures.

1. Keep up with changing circumstances

Life can change fast, and your insurance policies need to keep up. If you don’t update your policies to reflect your current circumstances, you might find that you are not fully covered when you need to make a claim. Major life changes that you should take into account include:

  • The birth of a new baby
  • Getting a new job or a promotion
  • Losing your job
  • A child leaving home
  • Getting married or divorced
  • Making a large purchase
  • Taking out a loan
  • Starting your own business
  • An elderly parent moving into your home
  • A death in the family

2. Make sure you have enough cover

As time goes on, your lifestyle is likely to change. This could mean that you need more coverage than before in order to ensure that you can continue to live comfortably. Reviewing your policies regularly allows you to make sure that you are not underinsured. If there are any gaps in your cover, you can fill them by adding to an existing policy or taking out an additional policy.

3. Don’t miss out on discounts

Insurance providers are always keen to attract new business, and this often means that they will offer significant discounts for first-time customers. Reviewing your insurance policies regularly allows you to take advantage of whatever great offers may be on the market at the time. You may also be able to save money with your current provider by showing them the offers that are available elsewhere and asking them to provide a price match.

How can I review my life insurance policy?

If your circumstances have changed recently, it may be time to review your life insurance policy. That’s where we can help. Here at Sims Financial Services, we are committed to providing the best life insurance, critical illness cover and income protection. We always make the effort to get to know our customers, allowing us to find the right policy for you and your family. Get in touch today for a consultation.

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The information contained within was correct at the time of publication but is subject to change.