To Review or Not to Review?

So how often do people review their insurance?

For most of us life moves pretty fast. Our day-to-day existence contains all those items designed to take up time. Without even realising it, a week can go by and the weekend is here and just as fast it is another week’s gone. Rinse and repeat.

In this hectic life, how often does anyone think about insurance?

Once, maybe twice a year?

For most people the thought of insurance raises various reactions, too many to investigate!  For the vast majority insurance is a necessary evil, which attaches itself to a mode of transport and is frantically reviewed each year to get the best deal.

Now for motor insurance, people shop for two things, price and quality. Understandably these factors drive their choice and for many, “looking at what is covered” pushes them towards the right deal, rather than the cheapest.

A friend of mine recently said that there is a big difference between “Cheapest & value for money”.

In addition to our car or motorcycle insurance many of us have our home insurance. Again, once a year we travel the lengths of the Internet, canvass our friends and colleagues for advice and recommendations and sometimes we get some help from an insurance advisor.

Your home is your biggest and most important possession, whether you rent or you own your home, what you put inside and what surrounds you is invaluable. You might be a keen cook who likes the best kitchen equipment or a keen music & film fan with an extensive array of films and equipment to play them on. Or you might simply just want to protect your flooring and what you sit on.

Over the years we live in our properties we amass a large quantity of items – replacing these in the event of a flood, a fire or a theft can and will be distressing and costly.

Make sure you have adequate cover. If in doubt, ask for help. Asking for help rarely costs money so it pays to seek out good advice.

So twice a year (perhaps once a year) people review their insurance. But there is one area of insurance that is rarely reviewed – Life Insurance.
As I mentioned, we are all very busy people. We don’t have time to consider the “What if?” scenarios.

You look each year to find for your motor and home insurance the best or the most competitive, perhaps even the insurance that gives you the cover you need, but rarely do we do this comparative work for our own personal insurance.

Ok, so when we have a big change in circumstances, a house move, a new baby, a remortgage or heaven forbid an illness or unemployment we then turn to our personal insurance.

Am I covered? What have I got covered already? Did I renew or alter my insurance to meet my change in circumstances. When did I last review things? Does my company really cover me for what I think they do? What would the Government give me?

If you have asked yourself any of these questions then you are a step ahead of many. To be ahead of the pack you will also need to have take advice to ensure you have the answers to these questions.

If however, you have not asked any of these questions, then please do so.

You can find help in many ways and it maybe, that by making the time to do just one more review of insurance, could be the most important review you carry out this year.

If you have any questions please feel free to contact me on nik@facetofaceadvice.com.

THE COMMENTS ON THIS BLOG ARE FOR INFORMATION PURPOSES ONLY AND ARE THE PERSONAL OPINION OF NIK PRIESTLEY AND DO NOT CONSTITUTE AS FINANCIAL ADVICE.