Helping you succeed in life's financial journey
Seven good times to review your insurance
Life always moves fast and forward. It’s a string of choices and change, all of which could affect your protection needs.
To simplify things a little, we’ve narrowed down the list to seven key life events that may trigger the need to review your insurance.
If you’ve hit any of these milestones since your last review, please consider giving your policies a check-up:
1. Having a baby
Starting a family is one of the most life-changing experiences you can have. And before a new baby arrives, it’s a good idea to update your existing policies or secure new ones.
As a parent, your family’s wellbeing is your number-one concern, and depending on your situation certain types of cover may be more appropriate than others, including Life and Health insurance. If you need help finding the right fit for your circumstances, please get in touch with us for an insurance review.
2. Purchasing a house
Home-ownership is the quintessential Kiwi dream, and something that you’ve worked so hard for is worth protecting.
Keep in mind that a mortgage is a long-term financial commitment, and a lot can happen in between. If you lost the ability to earn an income, or worse, could your family handle the loan repayments? Having a plan for the unexpected can make all the difference.
3. Paying off debt
As we’ve just seen, taking on debt is a good reason to consider increasing your cover. But keep in mind that the opposite scenario is also true.
So what if you manage to reduce your debt or pay off a big chunk of it – for example, your entire loan? Well, that’s a perfect time to celebrate and reassess your insurance needs. Is your level of coverage too high now? Can you tune it down and save yourself some money?
4. Getting a new job
Have you recently landed a new job? If so, your income may have changed too, and it might be worth reviewing your insurance plan to check it is still affordable or appropriate to your needs.
Plus, if you had a pay rise, why not look at increasing your level of coverage? Have you ever considered Income Protection or Trauma cover?
5. Getting married or separating
When your relationship status changes, so do your financial situation and insurance needs. If you want to make sure that your protection has you covered, it’s important to get everything reviewed.
6. Starting a business
Your business is more than just a simple job: it’s your creation. But as you know, launching your own venture also comes with a few additional expenses and risks. Once again, anything can happen, and protecting your ability to pay off debt is critical.
Like to explore your business insurance options? Please don’t hesitate to reach out to us.
7. Becoming empty-nesters
Being a parent is a job you never stop doing, no matter how independent your kids are. But besides the emotional aspect, there’s also a financial side to this transition.
If your children have left home and are standing on their own feet, take the time to check whether you still have the right level of cover in place – not too high and not too low, just right.
Do any of these life events sound familiar to you? Please feel free to contact us: we’d be happy to guide you through your options. And remember: conducting regular reviews is one of the best ways to fine-tune your insurance and make it suit your ever-changing needs.
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