Blog Article

As we step into a new year, it’s the perfect time to take stock of your financial wellbeing—including your personal insurance cover. Life changes, financial circumstances shift, and insurance policies should evolve to keep up. Here’s why reviewing your insurance policies at the start of the year is a smart move.

Life Changes May Have Affected Your Needs

Major life events like buying a home, getting married, having children, or changing jobs can significantly impact your insurance requirements. If your situation has changed, your current cover may no longer provide the protection you need. Now is the time to assess whether your policies align with your current lifestyle and financial obligations.

Ensure You Have the Right Level of Cover

Over time, your level of risk changes. You may have taken on more debt, increased your savings, or reached a point where you need additional protection. Checking your policies ensures you’re neither over-insured (paying for unnecessary cover) nor under-insured (leaving yourself exposed to financial risks).

Premiums Can Change

Insurance providers may adjust premiums, benefits, or exclusions over time. Reviewing your policies helps ensure you’re getting the best value for money. If your premiums have increased significantly, it may be worth shopping around for more competitive options or considering adjustments to your cover.

Check If You’re Taking Advantage of Discounts or Bundling Options

Some insurers offer discounts for bundling policies together (e.g., life, health, and income protection insurance). Reviewing your policies allows you to explore potential cost-saving options without compromising on cover.

Confirm Beneficiaries and Policy Details

If your personal or family circumstances have changed, your beneficiaries may need updating. Ensuring the right people are named on your policies will prevent any complications in the future.

Understand What’s Covered and What’s Not

Insurance policies can be complex, and exclusions may apply that you’re unaware of. Reviewing your policy details can help you understand any gaps in cover and whether you need to add or adjust policies to suit your needs better.

Prepare for the Unexpected

A solid insurance plan gives you peace of mind knowing that you and your loved ones are financially protected if the unexpected happens. Regularly reviewing your cover ensures you have the right safety net in place for whatever life throws your way.

How to Get Started

• Gather your policy documents and check the details.
• Assess recent life changes that could impact your coverage needs.
• Arrange a time with our in-house Specialist, Allister McIntyre.

Allister can be contacted by email directly allister@mortgageadvice.co.nz or by arranging a time by visiting our website contact [The Mortgage Advice Company]

Start the year with confidence—make reviewing your personal insurance a priority!