You finally got round to ticking life insurance or medical cover off your to-do list and now you can sit back and relax, right? Well, technically, yes. But when your policies near their annual renewal date, it pays to review them to ensure you’re adequately insured. And, to see if you could be saving those all-important pounds. That’s not all either as there’s a few more reasons why you should review your insurance policies every year. Here, we explore them in full.
- A lot can happen in a year
Just think about how many personal life changes you go through in a year – you might not even realise that some of these can have an effect on your monthly premiums. Getting married, getting divorced, starting a new job, moving home, paying off your mortgage or even children leaving your family home for university – these are just a few major life events that can change how much cover you need and could therefore have an effect on your life insurance premiums.
What’s more, by keeping a regular check on your personal life and coverage needs, you can ensure you’re not overpaying for anything.
- You probably have an X-year plan
Even if you haven’t got a 10-year plan written down, it’s likely that you’ve got a few goals in mind. Perhaps you want to move within three years or maybe you’re waiting for your next bonus to treat yourself to that shiny new item. Either way, reviewing your insurance policies regularly is a great opportunity to look at where you are in life, where you want to be and how you can plan ahead.
For example, moving or having a child can take a huge chunk out of your savings, impacting the amount of insurance you need compared to when you first took the cover out.
- It means you have the right cover
We’ve mentioned this point briefly but as life evolves, and your needs change, so do your insurance needs. Just think about it this way: the level of cover you needed as a single employee is likely to be very different from the cover you need as a married parent who owns their own business.
Even if your lifestyle hasn’t changed that much, reviewing your policies means you’re more likely to be able to make an informed decision over certain ones you don’t need any more, or other life cover and medical cover that you do need. Plus, by not updating your policy provider or insurance agent of certain changes, you could also find that your policy is invalid.
- You could be missing out on discounts
Put it this way: if you never review your current policies, you’ll never know about the alternative policies out there that might suit you better, as well as the deals and promotions on offer. In fact, many providers offer discounts for a variety of reasons. This includes bonuses for new customers and loyalty schemes for existing customers who are prepared to make a few small changes.
As an independent insurance consultancy, it’s our job to stay up to date with the latest offers from medical and life insurance companies. For example, throughout October, new AXA Health personal customers will receive a £100 M&S gift card when they sign up. (Terms and conditions apply). What’s more, at Moore Health & Protection, we may be able to help you to take advantage of this and it might cost less than you think in monthly premiums.
| Age | Monthly premium |
| 30 | £55.60 |
| 40 | £69.09 |
| 50 | £90.44 |
Example insurance costs for AXA Health 4 You product on 1 September 2022 – Uninsured member – non-smoker with no health issues, standard outpatient, therapies, mental health, comprehensive cancer, £100 excess.
Illustrative purposes only. Premiums may vary depending on individual circumstances and underwriting.
What you need to consider
The biggest things to bear in mind when you’re reviewing your insurance policies is how much debt you have (including mortgage) and what your financial responsibilities look like now and in the future. Are you the main earner? Do you have a spouse and children that rely on your income? While we don’t know for sure what’s going to happen, it’s a good idea to consider what big life changes could happen soon.
That’s exactly where Moore Health and Protection come in. As an experienced and specialist insurance consultancy, we do all of the hard work for our customers, carrying out their life insurance review – and any other insurance policies – to find the right level of cover for the right possible price. Put simply, we ensure your cover meets your needs today, and tomorrow, so you can sit back and reap the rewards. And, if you don’t have any insurance, then now could be the time to review whether you need it or not.
Moore Health & Protection is a trading style of Tony Moore which is an appointed representative of The Right Mortgage Limited. The Right Mortgage Ltd is registered in England and Wales no. 08130498. Registered Address: 70 St. Johns Close, Knowle, Solihull, England, B93 0NH.