The benefit of hindsight – When was the last time you reviewed your insurance?

As one of our clients recently learnt – it’s worth reviewing your personal protection insurance regularly and making changes as they are needed!

We recently conducted an insurance review for a client and recommended a change in provider for the client’s income protection insurance. The provider in question had recently been highlighted in the news and various case studies for issues with their claims processes and not paying out on genuine claims, in fact, the provider were notorious for this.

Changing your personal insurance provider isn’t as difficult as you might think. Your financial adviser can provide recommendations on policies based on your needs and circumstances, and simply signing some paperwork is often all that is required to make the switch – which could save you in premiums, provide a better quality policy, or give you greater reassurance on payouts in the event you need to make a claim.

Unfortunately, this client kept putting off making the switch. Due to an accident the client was unable to work – losing income that they thought would have been recouped thanks to their income protection insurance (a fair assumption!), however the provider refused the claim.

Of course, we all get caught out in similar situations – often it is only when it’s too late that we realise we should have acted sooner. This is just one of the reasons we conduct annual insurance reviews for our clients, and recommend others regularly check their own policies and update them accordingly. Insurance is complex, and full of fine print and legal jargon, so we’d always recommend you seek advice on the policy, coverage, and the claims history of the provider to provide peace of mind that you’re protected in the even you need to make a claim.

If it’s been some time since you last reviewed your personal protection insurances, don’t put it off. We offer a complimentary review designed to help you confirm that you and your family are sufficiently protected and that if you do have insurances in place – they are quality policies at the best premium. Find out more about the review and register here –