Once you have insurance in place, its vital that you take the time to review your cover regularly. At Spratt Financial, our policy is to conduct annual reviews of our clients' insurance along with them to ensure that they really are getting the best insurance for them.
Things naturally change in life. Life changes can hugely affect what you need out of your insurance and what you need protected. Taking the time to review and not being afraid to make adjustments as necessary is crucial to getting the best deal on your insurance. As a guideline, you should try to review your insurance when the following events happen in your life:
- Getting married or divorced, or entering into a civil union.
- Having a child.
- Taking out a new mortgage or a significant debt.
- Paying off a mortgage or making significant progress to doing so.
- Beginning to take care of a friend or relative.
- Getting a new job or a raise.
Looking at these events can give you a good guideline as to when you should be reviewing your insurance cover. Even if you don't end up saving money on premiums, you can be more assured that your insurance will be covering your real current circumstances. That could save you a ton in the long run.