Ceri Austin 
Business woman showing insurance document over white desk at office
A policy review can help ensure that a person or business’s insurance coverage is adequate and up-to-date. Life events such as having a child, buying or selling assets and moving homes can trigger changes to an insurance policy.
A yearly policy review allows individuals to identify changes that may affect their coverage and can result in savings opportunities.
Review Your Coverage
The insurance review process helps policyholders understand their coverage and deductible levels, helping to identify any potential gaps that may need to be addressed. In addition, the review process can help identify opportunities for savings that may be available through their provider.
Certain life events may trigger the need for a policy review. For example, a change in career or a new job may necessitate adjustments to auto and home insurance policies. A move to a different city or neighborhood may also warrant an adjustment to personal property and homeowners insurance policies. Other significant life changes that may need to be considered include the purchase of a new vehicle, a major home renovation project, or the acquisition of valuable possessions that require additional coverage.
Raising kids also requires a review of health and life insurance policies. This is to ensure that the sum assured is sufficient to meet their medical needs and financial requirement after one’s death.
Review Your Premiums
One of the benefits of annual reviews is that they can help you save money. This may be through reducing your policy or premium, removing unnecessary coverage, or even by finding deals and discounts you hadn’t noticed before.
For example, a life change like changing jobs might affect your insurance rates if your new commute is different from the old one. The same is true for retirement, children leaving home and other major events.
The review process is also a good time to see whether there are any new types of coverage available that might suit your new circumstances. For example, if you have kids now, it’s worth considering a life insurance policy to ensure that your current health insurance coverage will suffice if they need medical attention in the future. Likewise, if you have acquired assets such as jewelry or electronics, they should be reflected in your insurance policy to make sure you are fully protected.
Review Your Policy Documents
It’s important to review the details of your policy to make sure you understand what you’re paying for. Insurance reviews can also help you identify any discounts you may qualify for that could lower your premium costs.
If you’ve experienced any significant life changes, it’s a good idea to schedule a review with your agent. Events such as getting married, buying a new home, having children or losing a family member can have a major impact on your coverage needs.
Other significant life changes that may warrant a review include:
Review Your Policy Options
The purpose of policy reviews is to ensure that insurance coverage remains adequate and up-to-date in light of changing circumstances and needs. They can also help identify potential gaps in coverage and enable policyholders to take advantage of available discounts and credits, which can lower their premium costs.
Some common reasons for a policy review include a change in marital status, the addition of children to a family, significant property purchases and career changes. Reviewing policies regularly helps to ensure that policyholders have the right coverage in place to meet their long-term financial goals and the needs of their families.
It’s a good idea to review your health, home, car and life insurance policies annually. Taking the time to do this can protect your assets and ensure that your insurance is aligned with your lifestyle. It’s also a great way to make sure your beneficiaries are up to date. This can prevent family members from having to pay estate taxes in the event of your death.
