7 times to review your insurance
If it ain’t broke, don’t fix it! Most of us take out insurance and then forget about it. Why change it? It was right at the time we took it out.
But life changes – and usually in big lumps. Here are seven times you should ask me to review your insurance, as the number of options changes just as your life does.
When you buy a house. You may have increased or decreased your mortgage. Make sure it’s covered with the right level of insurance.
You have a child or add to the family. What if something happens to you or your partner? The child will need to be taken care of financially.
You go into business. This is a big one. The risks can be huge and could jeopardize your own home.
You get a new job. This one may not be obvious, but your income may have gone up or down and insurances can be adjusted accordingly.
You get married, divorced or move in together. This creates change in that you could be combining or separating your financial lives and you may now have others to care for. Also, note who benefits from your insurance? Does it need to be changed?
You pay down debt. Debt is a core reason to have insurance in the first place. As you pay down debt, you could reduce your cover.
When kids leave home. With your kids no longer dependant on you, you could reduce your cover.